Consumer Watchdog
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7/30/2021
President Biden's recent Executive Order on promoting competition in the economy includes several specific recommendations on improving competition in the financial sector. It proposes that the CFPB give consumers more choices by giving them control of their financial data. It proposes that regulators strengthen oversight of bank mergers, which for years have been routinely rubber-stamped. While it doesn't specifically address the payment system oligopoly that raises the prices everyone pays, lowering swipe fees is also a logical outcome of the EO.
Cover photo of the Marriner Eccles Federal Reserve Building, Washington, DC by Rafael Saldaña via Flickr, Some Rights Reserved.
7/26/2021
The Consumer Financial Protection Bureau celebrated its 10th birthday last Wednesday. It begins its second decade refocused on its mission of protecting you and me after a few years of, ironically, championing shady business practices over consumers. The agency’s first decade was full of success, setbacks, and promise.
7/20/2021
Today, the U.S. House takes a key vote. HR2668, the Consumer Protection and Recovery Act, would restore the FTC's Section 13(b) authority to hold wrongdoers accountable and compensate consumer-victims harmed by their actions. The Supreme Court had recently ruled that the power, used for over 40 years to recover billions, was not clearly articulated in law.
Cover photo via Flickr by Mr. Blue MauMau, some rights reserved.
7/15/2021
How the pandemic has worsened the medical debt crisis