The Hill reports: Health groups are petitioning the Food and Drug Administration (FDA) to ban eight synthetic flavors in food that are known carcinogens. The petition, led by the Natural Resources Defense Council (NRDC), said the flavors, which have been used for over 40 years, are found in ice cream, candy, baked goods and beverages. […]
Author Archives: Allison Zieve
The Consumer Financial Protection Bureau has published a rule allowing the agency to supervise larger nonbank auto finance companies. The CFPB press release is here. The rule is here. The CFPB also released the examination procedures that examiners will use to ensure that auto finance companies are following the law. The examination procedures are here.
The agencies' joint press release explains: Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) required the Federal Reserve Board, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Securities and Exchange […]
The Federal Trade Commission yesterday issued its Annual Financial Acts Enforcement Report to the Consumer Financial Protection Bureau. The report discusses the FTC's enforcement-related activities regarding Regulation Z (Truth in Lending Act), Regulation M (Consumer Leasing Act), and Regulation E (Electronic Fund Transfer Act). The FTC's press release explains: The report addresses, among other things, […]
Two internal reports released by the Department of Transportation identify a series of failings by the National Highway Traffic Safety Administration (a part of the Department) that allowed millions of defective GM cars to go unrepaired for more than a decade. The ignition switch could suddenly turn off, stalling the engine and disabling the airbags. […]
The Consumer Financial Protection Bureau is reporting on its just-completed study of advertisements for reverse mortgages: Ads for reverse mortgages are found on television, radio, in print, and on the internet, and many ads feature celebrity spokespeople discussing the benefits of reverse mortgages without mentioning risks. We looked closely at many ads and found incomplete […]
"As the Consumer Financial Protection Bureau (CFPB) considers new rules to rein in predatory practices in payday and similar types of lending, Senator Merkley and 31 of his Senate colleagues expressed their support today for the initial steps the agency has taken and urged the agency to issue the strongest possible rules to combat the […]
On Tuesday, the IRS announced that hackers had breached the agency's website and gained access to old tax returns of more than 100,000 taxpayers. Hackers apparently used personal information obtained elsewhere to access old returns contained on the IRS website. The activity occurred from February through mid-May. (Story here.) On Wednesday, the Senate Finance Committee […]
The Justice Department and Consumer Financial Protection Bureau have filed a consent order to resolve allegations that Provident Funding Associates engaged in a pattern or practice of discrimination. The consent order resolves allegations that Provident increased loan prices for African-American and Hispanic borrowers who obtained residential mortgages between 2006 and 2011 from Provident’s nationwide network […]
The Volcker Alliance, a nonprofit public policy organization headed by Mr. Volcker, has released a report proposing broad changes to the U.S. financial regulatory system. The Alliance suggests a three-pronged approach to reform, calling for updated oversight and surveillance, streamlined supervision and regulation, and stronger market integrity and investor protection. The report is here. Just […]