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Consumer Daily Reports

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The agency has been aggressive in curbing "junk fees," obtuse terms

By James R. Hood of ConsumerAffairs
November 25, 2024

The Consumer Financial Protection Bureau (CFPB) was founded after the financial crisis of 2008 to rein in banks and other financial institutions. But the Trump Administration is not a fan and, with a GOP majority in Congress, is likely to trim the agency's sails, if not sink it entirely.

The CFPB -- created in 2011 to serve as "the cop on the beat" -- has provided more than $16 billion to consumers who were victimized by what the CFPB termed unfair or deceptive practices. It has targeted banks, like Wells Fargo, payday lenders and credit card companies, and has required simple and more complete disclosure of terms by lenders, making it easier for consumers to compare options.

But critics say the CFPB tries too hard.Former Sen. Pat Toomey, R-Pa., once referred to it as"a rogue, unaccountable, anti-business agency."

The CFPB is the brainchild of Sen. Elizabeth Warren (D-MA), who has long assailed banks and financial services companies as being too ruthess in their dealings with consumers. For their part, the banks and finance companies say the CFPB's efforts are hurting their bottom lines and hampering innovation.

Timesmay have changed for CFPB

The CFPB escaped serious harm during the first Trump term because Democrats retained control of the House during part of that time. But times have changed and Republicans now control both house of Congress, making it easier for Trump II to curtail the CFPB.

There's no clear candidate to head the CFPB yet but the names circulating in Washington have strong ties to the banking industry or are academics with conservative views about governmentregulation of private industry.

The mood in Congress, even among some Democrats, has been changing lately, with less support for the aggessive regulation that followed the 2008 financial crisis.

Leaving politics aside, the argument comes down to whether consumers need and want more protection against threats to their financial wellbeing and privacy or whether they thinkstern regulations end up hurting consumers by discouraging businesses from investing in new products and services.

Overdraft fees a sticking point

Take overdraft fees, for example. The CFPB has proposed capping overdraft charges at $14 for larger banks. The banks say that would end up hurting consumers.

Brent Tjarks, executive director of the Mid-size Bank Coalition of America which represents more than 100 midsize banks, wrote that the loss of a "meaningful source of revenue to support the cost of deposit products" left institutions with no choice but to pull back from products "that benefit lower-income and underbanked consumers," according to an account in The American Banker.

Trump didn't talk much about financial regulation during his campaign and at times even talked about capping credit card interest rates. But his Administration is expected to be responsive to the banking industry's pleas.

Not everyone is ready to concede.

The CFPB is here to stay, said Sen. Warren, who nearly single-handedly birthed the agency during President Barack Obama's term, in a Washington Post report.

So I get theres big talk, but the laws supporting the CFPB are strong, and support across this nation from Democrats, Republicans, and people who dont pay any attention at all to politics, is also strong, Warren said.

What has it accomplished?

Most notably, CFPB has collected $16 billion that it has returned to consumers who came up sort on one financial deal or another. What else has it done? From various sources, we came up with this list of actions it has taken on behalf of consumers:

1. Financial Restitution to Consumers

The CFPB has returned billions of dollars to consumers who were victims of unfair, deceptive, or abusive financial practices:

  • Over $16 billion in relief provided to more than 200 million consumers (as of 2023).
  • Examples:
    • Fines and penalties against financial institutions like Wells Fargo for fraudulent account practices.
    • Enforcement actions against payday lenders and credit card companies for predatory practices.

2. Promoting Transparency

The CFPB has implemented rules to ensure that consumers have clear and accurate information about financial products:

  • Simplified mortgage disclosure forms, making it easier for homebuyers to understand loan terms.
  • Regulations requiring credit card companies to disclose terms clearly, enabling consumers to compare options.

3. Regulating Abusive Practices

The CFPB has cracked down on predatory practices across various sectors, including:

  • Payday lending: Imposing stricter rules to prevent payday lenders from trapping borrowers in cycles of debt.
  • Debt collection: Introducing rules that limit harassment by debt collectors and provide clearer information about debts.
  • Student loans: Targeting fraudulent practices by private lenders and for-profit colleges.

4. Supervising Financial Institutions

The CFPB supervises major financial players, including banks, credit unions, and non-bank entities (e.g., mortgage lenders, payday lenders):

  • Conducting audits and compliance reviews.
  • Holding companies accountable for consumer protection violations.

5. Financial Education and Tools

The CFPB offers resources to help consumers make informed financial decisions:

  • Know Before You Owe campaigns for mortgages, student loans, and credit cards.
  • Financial literacy tools, including budgeting calculators and debt repayment guidance.

6. Advocacy for Marginalized Communities

The CFPB has focused on issues affecting vulnerable populations:

  • Fighting racial discrimination in lending practices through enforcement of the Equal Credit Opportunity Act (ECOA).
  • Addressing inequities in access to credit for underserved communities.

7. Protecting Consumers in Emergencies

The CFPB has acted during crises to safeguard consumers:

  • During the COVID-19 pandemic, it promoted mortgage forbearance options and protection against eviction or foreclosure.
  • After natural disasters, it provided guidance to protect disaster victims from financial scams.

8. Enforcement and Settlements

The CFPB has undertaken enforcement actions against high-profile companies:

  • Wells Fargo: Penalized for creating fake accounts.
  • Navient: Sued for misleading borrowers about student loan repayment plans.
  • Equifax: Fined for failing to protect consumer data during its 2017 data breach.

Criticism and Challenges

While the CFPB has accomplished much, it has faced criticism and legal challenges:

  • Accusations of regulatory overreach by some in the financial industry.
  • Court challenges to its funding structure, particularly its independence from congressional appropriations.

Whatever its fate may be in the future, the CFPB has had a profound impact on the financial landscape, protecting consumers, promoting transparency, and holding financial institutions accountable.

Will consumers and business be better off without those protections? The next few years may hold the answer.



Photo Credit: Consumer Affairs News Department Images


Posted: 2024-11-25 02:14:32

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More News From This Category

Consumer News: Survey finds strong support for core childhood vaccines, doubts linger over flu and COVID shots

Fri, 19 Sep 2025 22:07:07 +0000

Home-schoolers and MAGA acherents more likely to reject vaccines

By Truman Lewis of ConsumerAffairs
September 19, 2025

  • KFF/Washington Post survey of 2,700 parents finds broad trust in MMR and polio vaccines but less confidence in flu and COVID-19 shots.

  • About one in six parents say they have delayed or skipped recommended childhood vaccines, citing safety concerns.

  • Confidence in federal health agencies remains low, with only 14% expressing strong trust in the CDC or FDA.


A new survey by KFF and The Washington Post shows large majorities of U.S. parents believe childhood vaccines such as measles, mumps, and rubella (MMR) and polio are safe and essential. The poll, based on interviews with 2,716 parents, highlights widespread acceptance of the long-standing vaccines that have been a foundation of public health for decades.

Concerns about newer vaccines

Parents are less confident about flu and COVID-19 vaccines. While most say they keep their children up to date on the recommended childhood schedule, about 16% reported delaying or skipping at least one vaccine (excluding flu and COVID). Younger parents, Republicansespecially those aligned with the Make America Great Again movementand parents who homeschool were more likely to report skipping or delaying shots.

Safety fears and misinformation

The top reasons cited for avoiding some vaccines were fear of side effects, mistrust of vaccine safety, and doubts about whether all shots are necessary. The poll also revealed widespread uncertainty about misinformation: while just 9% of parents believe the false claim that MMR causes autism, nearly half (48%) said they dont know enough to say. Parents of children with autism spectrum disorder were somewhat more likely to accept the false claim.

Support for school vaccine mandates remains high, with 81% of parents saying students should be required to get measles and polio vaccines, allowing for medical and religious exemptions. Eight percent of parents reported seeking exemptions so their children could attend school or daycare.

Distrust in federal health agencies

Confidence in federal health agencies remains shaky. Just 14% of parents expressed a lot of confidence in the CDC or FDA to ensure vaccine safety and effectiveness, while half said they had little or no confidence. About a quarter of parents believe the CDC recommends too many vaccines.

The survey was conducted as Health and Human Services Secretary Robert F. Kennedy Jr. continues to question federal vaccine policy. Few parentsonly 11%reported hearing much about his changes to vaccine policy, and most said they were unsure how those changes might affect safety, access, or industry influence.

Survey background

The KFF/Washington Post survey was conducted online from July 18 to Aug. 4, 2025, in English and Spanish, using Ipsos KnowledgePanel. It is the 37th collaboration between KFF and The Post since 1995, combining survey research with in-depth reporting.


Read More ...


Consumer News: Our bathroom phone habits may be raising hemorrhoid risk

Fri, 19 Sep 2025 22:07:07 +0000

A new study examines whether smartphone use on the toilet is linked to more hemorrhoids and longer sit-times

By Kristen Dalli of ConsumerAffairs
September 19, 2025
  • About two-thirds of people in the study used their smartphones while sitting on the toilet, and those users were much more likely to stay there for over five minutes.

  • After adjusting for age, sex, BMI, fiber intake, exercise, and straining, smartphone toilet-use was associated with a ~46% higher chance of having hemorrhoids.

  • There were no major differences in constipation or frequency of straining between phone-users and non-users, suggesting that the extra sitting time (not straining) may be the link.


If you find yourself scrolling, checking social media, or catching up on news while sitting on the toilet, youre far from alone. But could that habit be doing more than just eating up your time?

A recent study conducted at Beth Israel Deaconess Medical Center raises the possibility that using a smartphone during bathroom visits may increase the risk of developing hemorrhoids.

Hemorrhoids are common, uncomfortable, and costly in terms of health care. While things like constipation, low-fiber diets, and pregnancy are established risk factors, researchers wanted to explore whether this modern habit of toilet scrolling also plays a role.

I was struck by this fantastic old study from 1989 in The Lancet on hemorrhoids and reading the newspaper on the toilet, researcher Dr. Trisha Pasricha said in a news release. They looked at how many patients read the newspaper on the toilet and then doctors had a look to see how many of them had hemorrhoids.

But that study did find that there was this association. More hemorrhoids were found amongst people who spent time reading on the toilet. Now in 2025, I don't think anyone's reading the newspaper, but we know everybody's on their phones in the bathroom. So I thought we needed to update this literature for the modern TikTok era.

The study

The study recruited 125 adults who were undergoing routine screening colonoscopies. Before their procedures, participants filled out detailed surveys about their demographics (age, sex, BMI), lifestyle (diet, physical activity), and specific bathroom behaviors: how often they used a phone while on the toilet, how long they stayed, and what they did with their phones (e.g. read news or use social media).

Doctors then checked for hemorrhoids during the colonoscopies. To ensure fairness and reduce bias, two independent endoscopists reviewed a subset of high-quality images to confirm internal hemorrhoids.

The analysis included adjusting for known risk factors like fiber intake, straining, exercise, etc., so the researchers could assess whether phone use was associated with hemorrhoids independent of those factors.

The results

Heres what they found:

  • Prevalence of phone use: Roughly 66% of the participants reported using smartphones while on the toilet.

  • Longer sit times: Among phone users, 37.3% stayed more than five minutes per toilet visit, compared with only 7.1% of non-users.

  • Increased risk: After controlling for other factors, use of a smartphone on the toilet was associated with a 46% increased odds of having hemorrhoids.

  • No difference in straining or constipation: The groups did not differ significantly in their reports of straining, constipation, or related gastrointestinal symptoms, suggesting that the extra sitting time may be the key factor.

  • Demographics: Smartphone-users were younger on average ( 55 years) than non-users ( 62 years). Also, phone users had lower weekly physical activity.

What we can take away

The study doesnt prove cause and effect it can't show that phones cause hemorrhoids but it does suggest a strong association. If nothing else, it raises a simple habit-change possibility.

My colleagues and I in GI, we all tell our patients not to spend longer than a couple minutes on the toilet, Dr. Pasricha said.

I think whats happening is that time sort of slows down when youre scrolling, and people dont realize just how much longer theyre sitting there.


Read More ...


Consumer News: Tyson ditches corn syrup in major ingredient overhaul

Fri, 19 Sep 2025 22:07:07 +0000

The food giant is cutting high fructose corn syrup and other additives from U.S. products by 2025

By Kristen Dalli of ConsumerAffairs
September 19, 2025
  • Tyson Foods will stop using high fructose corn syrup (HFCS), sucralose, BHA/BHT, and titanium dioxide in its branded U.S. products by the end of 2025.

  • These changes affect major brands like Tyson, Jimmy Dean, Hillshire Farm, Wright,State Fair, Aidells, and ibp.

  • All of the ingredients being removed are currently approved by the FDA and considered safe, but Tyson says this move reflects changing consumer expectations and their own values.


Tyson Foods is making a voluntary change: by the end of 2025, it will eliminate four specific ingredients high fructose corn syrup, sucralose (a sweetener), BHA/BHT (preservatives), and titanium dioxide (a coloring agent) from its branded product lines in the U.S.

These ingredients are already FDA-approved and safe to use. The company isnt reacting to a safety mandate theyre responding to what consumers seem to want more of: simpler ingredient lists, fewer additives, and more transparency.

We continuously review and assess our product portfolio to ensure the highest quality products that meet the needs of consumers, Donnie King, President & CEO of Tyson Foods, said in a news release.

Our decision to remove high fructose corn syrup and other ingredients reflects our ongoing commitment to feeding the world like family, while preserving the taste, value and integrity that define our iconic brands.

Brands & products affected

Youll see the shift in a lot of the familiar names: Tyson, Jimmy Dean, Hillshire Farm, Wright, State Fair, Aidells, ibp, and others.

Earlier this year, Tyson also removed synthetic dyes from its domestic branded products. So this is part of an ongoing trend for them.

What this might mean for you

  • Taste & price: Tyson says they aim to preserve the taste, value, and integrity of their products even with these changes.

  • Ingredient labels: Going forward, youll see different ingredient lists expect to see substitutes or natural alternatives in place of whats being removed.

  • Choice & transparency: If youve been avoiding these additives or want cleaner labels, this change gives you more options in familiar brands.


Read More ...


Consumer News: Most kids in fatal U.S. car crashes weren’t properly restrained, study finds

Fri, 19 Sep 2025 22:07:07 +0000

A recent study reveals whats going wrong and where with child car-seat and seatbelt use

By Kristen Dalli of ConsumerAffairs
September 19, 2025

  • Nearly 70% of U.S. children under 13 in crashes involving a fatality were using restraints improperly or not at all.

  • Common misuses include moving too soon to less protective restraints, seating children in the front, or failing to buckle them in.

  • The risk is highest among older kids (412), in low-resources communities, and in certain geographic hotspots; stronger state policies seem to help.


We all know car crashes can be deadly especially for children. But a new study shows just how often safety fails when it comes to using child restraint systems (CRS), like car seats and seatbelts.

According to research out of Lurie Childrens Hospital, nearly 70% of children under age 13 involved in U.S. car crashes with at least one fatality were not in a properly used or age-appropriate restraint.

That means even when seats, belts and laws exist, the people entrusted with children too often arent getting it quite right. The implications are huge: safety isnt just about having the right gear, but about using it correctly, all the time.

Given the continued problem of suboptimal child passenger safety practices among children across the country, there is a need for innovative, targeted programs to promote correct and consistent use of age-appropriate car seats, restraints and seating locations, lead author Arthi Kozhumam, MScGH, said in a news release.

The study

To understand what went wrong and where, the researchers tapped into a massive data source: the Fatality Analysis Reporting System (FARS) a national database that records car crashes resulting in deaths.

Heres what they focused on:

  • Who: Children under 13 years old involved in crashes with at least one fatality.

  • What they measured: Whether the child was using an age-appropriate CRS, whether they were prematurely moved to a less protective restraint, whether they were unrestrained at all, and whether they were seated in the front seat.

  • Where and when: The study covered crashes from 2011 to 2021 across the U.S., and also examined community-level factors such as resources (Child Opportunity Index) and geographic concentration (hotspots) of poor restraint use.

  • Policy angle: They also checked how state laws (how strict the laws are, fines for first time seatbelt or restraint violations) related to correct restraint use.

The results

The findings are sobering. Among the ~50,000 children studied:

  • 36% were moved too early to a less protective restraint (for example, transitioning from a car seat to a booster or booster to seatbelt before safe to do so).

  • 20% were unrestrained no seatbelt, no CRS.

  • 15% were riding in the front seat (which is less safe for younger children overall).

  • Further, 9% of those front-seat riders were unrestrained.

Certain groups were at greater risk:

  • Kids aged 4-7 and 8-12 had higher rates of suboptimal restraint use.

  • Children in communities with lower resources (using the Child Opportunity Index as a measure) were more likely to be improperly restrained.

  • Certain counties across the U.S. stood out as hotspots where improper practices are much more common.

On a brighter note, the study found that in states with stronger child restraint laws including larger fines for first-offense violations there were significantly lower odds of children being improperly restrained.

A novel contribution of this research is our finding of geographic concentrations of suboptimal child passenger safety practices. These areas can be targeted for interventions, especially in the most vulnerable age groups, senior author Michelle Macy, M.D., M.S., said in the news release.

In addition to identifying individual factors and geographic areas that can be targeted for interventions, we show that state policy makes a huge difference in promoting safer transportation practices for child passengers.


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Consumer News: Novo Nordisk’s Wegovy pill shows promise, matching weight loss from shots

Fri, 19 Sep 2025 19:07:07 +0000

Many patients would prefer to take a few pills than give themselves injections

By James R. Hood of ConsumerAffairs
September 19, 2025

  • Patients on daily pill lost about 17% of body weight in trial
  • Results nearly identical to injectable Wegovy

  • New obesity pill race could bring easier options for patients


A new option beyond shots

For patients hoping to avoid needles, a pill form of the blockbuster weight-loss drug Wegovy may soon be an option. Novo Nordisk said in a press release thatpeople who took the daily pill in a clinical trial lost an average of 16.6% of their body weight over 64 weeks almost the same result seen with the widely used Wegovy injection. By comparison, people taking a placebo lost just 2.7%.

The findings raise hopes that oral versions of GLP-1 drugs could make weight management easier for millions. Demand for injections like Wegovy and Eli Lillys Zepbound has already far outstripped supply.

Rivalry that benefits patients

The new pill isnt on pharmacy shelves yet the Food and Drug Administration is reviewing Novo Nordisks application, with a decision expected later this year. Eli Lilly is not far behind, with its own obesity pill, called orforglipron, also moving toward FDA submission.

In Lillys recent study of nearly 1,700 adults with Type 2 diabetes, orforglipron helped patients lose weight and lower blood sugar. Experts say that because it doesnt need to be taken on an empty stomach, it could be easier to use than Novo Nordisks pill, which must be taken before eating or drinking.

What patients should know

The results are striking: nearly a third of participants on Novo Nordisks pill lost at least 20% of their body weight. Even those who didnt follow instructions exactly still lost an average of 13.6%. Participants also reported improved activity levels and cardiovascular health.

But convenience comes with caveats. Side effects were common: nearly half of users experienced nausea and about a third had vomiting. Most cases were mild to moderate, but about 7% of patients stopped treatment because of side effects. Lillys pill showed similar issues, with about 10% of people on the highest dose dropping out.

Looking ahead

Analysts expect obesity pills to become a multibillion-dollar market, and both companies say they are working to ensure supply, after months of shortages for their injectables.

For patients, the developments could soon mean more options and less reliance on weekly shots though experts stress that healthy lifestyle changes will remain essential alongside any medication.


Consumer takeaway

Who might benefit:

  • Adults who are overweight or obese and have struggled with diet and exercise alone

  • People who are uncomfortable with injectable medications

What to ask your doctor:

  • Am I a candidate for a GLP-1 weight-loss drug?

  • How do side effects compare between shots and pills?

  • Will my insurance cover it if approved?

What to watch out for:

  • Common side effects include nausea and vomiting

  • Pills may need to be taken on an empty stomach and with timing restrictions

  • Long-term safety and availability are still being studied


Timeline: When could the pills be available?

  • Early 2025: Novo Nordisk expects an FDA decision on its Wegovy pill.

  • Mid-to-late 2025: Eli Lilly plans to seek FDA approval for its pill, orforglipron.

  • If approved: Both companies say they are scaling up production to meet demand and avoid shortages that have plagued injectables.

  • Pharmacy shelves: Widespread availability could begin as soon as late 2025, depending on FDA review speed and manufacturing capacity.


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