AFREF and partners led a letter to the FTC urging it to use its rulemaking authority to protect American consumers from junk fees and put money back into our pockets. Millions of consumers have expressed outrage at the imposition of service fees for live event tickets, “amenity” or “resort” fees charged by hotels, endless surprise rental car fees, hidden internet and cell phone charges, junk fees in the financial sector, and more. The federal government has taken a holistic approach to this problem, including the White House Competition Council, the Consumer Financial Protection Bureau (CFPB), the Department of Transportation (DOT) and now the FTC.
The nation’s big-bank regulator, the Office of the Comptroller of the Currency, should help broaden and extend a crackdown on financial institutions that repeatedly violate the law – notably Wells Fargo – with all the tools at its disposal. Comptroller Michael Hsu is speaking on the problem of “too big to manage” today. The speech comes about a month after the Consumer Financial Protection Bureau ordered Wells to pay $3.7 billion over widespread mismanagement of auto loans, mortgages, and deposit accounts, and promised to work with other federal regulators to find durable solutions to its constant violations of the law.
AFREF joined 91 coalition partners in sending a letter to the CFPB in support of banning all medical debt from consumer credit reports. The letter asks the CFPB to take a step further and address this issue by beginning the rulemaking process to ban medical for medically necessary services.
WASHINGTON – The predatory lending practices of EasyPay Finance and Utah-based, FDIC-supervised Transportation Alliance Bank (TAB Bank) are hurting military servicemembers, veterans, and their families, according to a new report from a coalition of consumer advocacy groups released in advance of Memorial Day.
In much of America, owning a car is necessary to participate in the economy, and to live a full and vibrant life. However, this ticket to opportunity comes at an increasingly steep price – as of 2021, Americans owe $1.42 trillion in auto loan debt.
AFR joined a letter to Congress in support of S. 4145, the Consumer Protection Remedies Act of 2022. This bill would restore the Federal Trade Commission’s (FTC) authority to stop misconduct in the marketplace, and critically, to provide timely refunds and equitable relief to victims of consumer fraud and deception.