The Consumer Financial Protection Bureau has issued a report examining the growth of financial transactions in online video games and virtual worlds. “These platforms increasingly resemble traditional banking and payment systems that facilitate the storage and exchange of billions of dollars in assets, including virtual currencies. However, consumers report being harmed by scams or theft […]
Author Archives: Allison Zieve
The Federal Trade Commission is sending nearly $62 million in refunds to sellers deceived by advertising and marketing claims made by online real estate business Opendoor Labs, Inc. According to the FTC’s August 2022 complaint, Opendoor cheated home sellers by tricking them into thinking that they could make more money selling their home to Opendoor than […]
The Biden Administration announced on Friday steps to eliminate hidden fees for college students, such as student loan origination fees, college banking fees, and automatic charges for textbooks. The fact sheet, with more detail, is here.
The Michigan Senate yesterday passed bills to cap interest rates on quick-cash loans at 36% annually. Currently, Michigan allows short-term, high-interest cash advance loans that come due on the borrower’s next payday, with an annual interest rate of up to 391%. Supporters say that the bills, if signed into law, would protect people from getting […]
The National Center for Access to Justice at Fordham Law School has posted a report and online resource that ranks the 50 states and the District of Columbia on their adoption of policies promoting fairness in consumer debt litigation. The report notes that debt-collection lawsuits inundate courts across the country. Because many suits go unanswered, […]
The Federal Trade Commission announced on Thursday a final rule extending telemarketing fraud protections to businesses. The FTC also announced a proposed rule that would provide the agency with significant new tools to combat tech support scams. Both actions are part of the FTC’s review of the Telemarketing Sales Rule, which includes the Do Not […]
A Consumer Financial Protection Bureau report on the first set of results from its newly updated Terms of Credit Card Plans survey reveals that large banks are offering worse credit card terms and interest rates than small banks and credit unions, regardless of credit risk. In fact, the 25 largest credit card issuers charged customers […]
The Federal Trade Commission is taking action against H&R Block, alleging that the tax preparation company unfairly deletes consumers’ tax data and requires them to contact customer service when they downgrade to more affordable online products, and that it has deceptively markets its products as “free” when they were not free for many consumers. The […]
After a service outage last week, AT&T said that it would automatically apply a $5 credit to the accounts of the thousands of impacted consumers. As reported by CNBC, here, consumer advocates suggest that customers ask for reimbursement fro cellphone or internet providers in the event of future blackouts.
Last fall, the Federal Trade Commission filed a complaint alleging that Amazon Marketplace unfairly highlights its own products on its website to encourage consumers to select the Amazon brand over competitors’ products. The Regulatory Review reports today on a study that questions that conclusion. The study’s authors explain how evaluating the fairness of product placement […]