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Consumer Daily Reports

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The average 15-year rate has fallen below 6%

By Mark Huffman Consumer News: Mortgage rates fall again, drawing homebuyers back to the housing market of ConsumerAffairs
December 5, 2024

Photo

Theres more encouraging news for homebuyers as 2024 draws to a close. Mortgage rates have continued to moderate.

Freddie Mac reports its Primary Mortgage Market Survey shows the 30-year fixed-rate mortgage averages 6.69% this week.

This week, mortgage rates decreased to their lowest level in over a month, said Sam Khater, Freddie Macs chief economist.

Despite just a modest drop in rates, consumers clearly have responded as purchase demand has noticeably improved. The responsiveness of prospective homebuyers to even small changes in rates illustrates that affordability headwinds persist.

The 15-year FRM is even lower. It averages 5.96%, down from last week when it averaged 6.10%.

Joel Kan, vice president of the Mortgage Bankers Association, says the downward trend in rates is drawing buyers back to the housing market.

The recent strength in purchase activity continues, supported by lower rates and higher inventory levels, which are giving prospective buyers more options compared to earlier in the year, Kan said.

The purchase index increased for the fourth straight week to its highest level since January 2024. Conventional refinance applications declined despite the lower rates, but FHA and VA refinancingrebounded from a week ago.



Photo Credit: Consumer Affairs News Department Images


Posted: 2024-12-05 17:35:48

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Consumer News: Roku launches $2.99 per month streaming service

Tue, 05 Aug 2025 22:07:08 +0000

"Howdy" will feature thousands of hours of entertainment with no ads, the company says

By News Desk of ConsumerAffairs
August 5, 2025
  • Howdy offers 10,000 hours of content from Lionsgate, Warner Bros. Discovery, FilmRise & Roku Originals
  • Ad-free subscription costs just $2.99/month with no contract or hidden fees

  • Launch includes Times Square billboard takeover and rollout via the Roku platform


Roku is expanding its streaming empire with the launch of Howdy, a new subscription video-on-demand (SVOD) service priced at just $2.99 per month. Designed to offer affordable, ad-free entertainment, the platform will feature thousands of titles and nearly 10,000 hours of content from major launch partners Lionsgate, Warner Bros. Discovery, FilmRise, and Roku Originals.

Rolling out nationwide later today, Howdy aims to fill the growing demand for inexpensive, no-ads entertainment. Viewers can stream popular hits like Mad Max: Fury Road, The Blind Side, Weeds, and Kids in the Hall, along with a curated mix of romantic comedies, medical dramas, classic sitcoms, and more.

Priced at less than a cup of coffee, Howdy is ad-free and designed to complement, not compete with, premium services, said Roku founder and CEO Anthony Wood. Were meeting a real need for consumers who want to unwind with their favorite movies and shows uninterrupted and on their terms.

A simpler subscription

Unlike many premium streamers, Howdy offers a flat, non-promotional rate of $2.99/month. There's no contract, no hidden fees, and subscribers can cancel any time. Its an easy-access service aimed at users looking for quality storytelling without ads or steep monthly costs.

Content partners echoed excitement for the platforms reach and monetization potential. Lionsgates Jim Packer called it a new way to monetize our content, while FilmRises parent company, Radial Entertainment, highlighted Rokus unmatched reach of over 125 million U.S. viewers daily.

National launch, Times Square takeover

To celebrate the debut, Roku is taking over digital billboards in Times Square from August 5 to August 31, greeting passersby with a bold Howdy and showcasing key launch titles.

Howdy launches first on the Roku platform, with plans for mobile and other platform support soon. It joins Rokus broader lineup that includes The Roku Channel, the most-watched free ad-supported TV service in the U.S., and Frndly TV, the #2 live TV streaming service for cord-cutters.

For more details or to sign up, visit: www.howdy.tv


Read More ...


Consumer News: Reversing course, CFPB says it will issue revised open banking rule

Tue, 05 Aug 2025 22:07:07 +0000

The consumer watchdog agency now wants to revise rather than repeal a Biden-era rule giving consumers access to their financial data

By James R. Hood of ConsumerAffairs
August 5, 2025

  • In a sharp turn, the CFPB says it will revise rather than repeal the Biden-era Section 1033 open banking rule.
  • The move comes as part of a legal fight with Forcht Bank and banking trade groups challenging the rule's legality.

  • An accelerated rulemaking process is planned, with a new draft to be issued within weeks.


In a major reversal, the Consumer Financial Protection Bureau (CFPB) announced today it will undertake a full rewrite of its controversial "open banking rule" rather than scrap it entirely, as many had anticipated. The rule, finalized last year under the Biden Administration, sought to empower consumers by granting them access to their personal financial data and enabling easier data sharing with third-party fintech apps and services.

In light of recent events in the marketplace, the CFPB wrote in a court filing, the Bureau has now decided to initiate a new rulemaking to reconsider the Rule with a view to substantially revising it and providing a robust justification.

Consumer advocates say the tactic is a ruse. "Trump and (OMB Director Russell) Vought betray their MAGA base when they close banking again," said Bart Naylor, financial policy advocate at Public Citizen in an email to ConsumerAffairs. "The rule aimed to open banking to market competition. Reopening the rule is legal jujitsu in the court case."

The announcement was made in a request to stay a lawsuit filed by Forcht Bank, the Bank Policy Institute, and the Kentucky Bankers Association in the U.S. District Court for the Eastern District of Kentucky. The lawsuit, filed the same day the final rule was issued on October 22, 2024, alleged that the CFPB had overstepped its statutory authority. U.S. District Judge Danny C. Reeves granted the stay, noting that the parties and judicial economy are better served by allowing the CFPB time to revise the rule.

"Accelerated" process

The CFPB said it would begin an accelerated rulemaking process, starting with an advanced notice of proposed rulemaking to be issued within three weeks of the July 29 stay request. Officials say they aim to produce a substantially revised final rule that reflects the policy preferences of new leadership and corrects alleged flaws in the original rule.

At the center of the dispute is Section 1033 of the Dodd-Frank Act, which mandates that consumers have access to information about their financial products and transactions. The Biden Administration had interpreted this to mean that consumers should have the right to retrieve and share their financial data, and tasked the CFPB with establishing standards for doing so securely and consistently.

However, opponents, including many in the banking industry, argued the final rule went too far, imposing burdensome requirements on the banks and financial services companies and also exposing sensitive financial data to potential misuse.

The Trump Administration had previously withdrawn the rule during its regulatory rollback campaign, declaring it arbitrary and capricious. Now, with new CFPB leadership in place, the agency appears set on charting a middle path: retaining the core consumer data rights mandate of Section 1033, but rewriting the rule to survive legal scrutiny and align with the current administrations priorities, which will likely be less pro-consumer.


Read More ...


Consumer News: California here he comes: Murdoch launching California Post, right-wing news for the left coast

Tue, 05 Aug 2025 22:07:07 +0000

The new print and digital Los Angeles daily will echo the distinctive style of the New York Post

By James R. Hood of ConsumerAffairs
August 5, 2025
  • Brash right-wing California Post to debut in Los Angeles in early 2026
  • Print and digital daily will echo New York Posts signature style with California spin

  • Move comes as Los Angeles Times downsizes amid industry turmoil


The Murdoch media empire is planting its flag on the West Coast with a new daily newspaper, the California Post, set to launch in Los Angeles in early 2026. The new tabloid, announced by News Corp, will be modeled after the brash, right-wing New York Post and aims to provide what its backers call a much-needed alternative in California's media landscape.

The California Post will feature a mix of news, sports, politics, and celebrity gossip, all delivered with the confrontational tone and bold visual flair that has defined the New York Post for decades. The paper will be produced by a dedicated California-based team of reporters, editors, and photographers, and will publish daily in both print and digital formats.

California is the most populous state in the country, and is the epicenter of entertainment, the AI revolution and advanced manufacturing not to mention a sports powerhouse, said New York Post editor-in-chief Keith Poole. Yet many stories are not being told, and many viewpoints are not being represented.

New paper, familiar tone

News Corp has tapped Nick Papps, a longtime editor from its Australian operation, to lead the new venture as editor-in-chief of the California Post. He will report directly to Poole. According to News Corp, the new outlet will aim to blend the Posts trademark puckish wit with local relevance, focusing on issues from wildfires to immigration and the upcoming 2026 gubernatorial election.

The California Post also launches at a moment of opportunity, with California set to host matches during the 2026 FIFA World Cup and the 2028 Summer Olympics in Los Angeles, bringing heightened attention to the region.

Filling a voidor fanning flames?

The expansion comes amid sharp declines at local rival the Los Angeles Times, which has laid off hundreds of staff in recent years amid heavy financial losses and subscriber churn. News Corp CEO Robert Thomson seized on the moment, declaring that Los Angeles and California surely need a daily dose of The Post as an antidote to the jaundiced, jaded journalism that has sadly proliferated.

While critics may view the launch as a politically calculated play, News Corp is banking on an already sizable California audience. The Los Angeles area is reportedly home to the second-largest concentration of New York Post readers, and 90% of the papers digital traffic comes from outside New York.

Whether the California Post will be a West Coast disruptor or a polarizing presence remains to be seen but Murdochs empire is making a clear bet that California is ready for more tabloid grit, irreverent takes, and a new voice in the states evolving media battleground.


Read More ...


Consumer News: Italian watchdog Hits Shein with $115M fine for greenwashing

Tue, 05 Aug 2025 19:07:08 +0000

Regulators accused Shein of masking misleading claims about sustainability

By James R. Hood of ConsumerAffairs
August 5, 2025
  • Italian regulators say Sheins green messaging was vague, misleading, or overstated
  • Authorities criticized Sheins claims about recycling and product sustainability

  • This marks the second major European fine for the fast-fashion giant in just two months


Shein, the Chinese fast-fashion giant known for its ultra-cheap, fast-turnaround clothing, has been fined $115 million by Italian authorities for misleading environmental claims the latest in a growing wave of scrutiny from European regulators.

The Autorit Garante della Concorrenza e del Mercato (AGCM), Italys competition authority, concluded that Shein employed misleading or omissive environmental messaging across its website and promotional materials. Specific sections flagged include #SHEINTHEKNOW, evoluSHEIN, and Social Responsibility, which AGCM said contained sustainability claims that were vague, generic, and/or overly emphatic, or in some cases, flat-out false or at least confusing.

The regulator said Sheins marketing around its evoluSHEIN by Design line led consumers to believe the products were fully recyclable and made solely from sustainable materials claims that do not reflect reality, according to AGCM. Recycling such garments is not currently feasible due to the materials used and limitations of existing recycling systems.

Branding strategy

AGCM also criticized Shein's broader environmental branding strategy, warning that it could mislead consumers into overestimating the companys sustainability efforts. Despite Sheins published roadmap which highlights pillars like Equitable Empowerment, Collective Resilience, and Waste-Less Innovation the authority found these narratives lacked transparency and substance.

The fine was issued to Infinite Styles Services Co Ltd, Sheins Dublin-based European operator. In response, Shein said it had fully cooperated with the Italian authorities and moved swiftly to address their concerns. We have strengthened our internal review processes and improved our website to ensure that all environmental claims are clear, specific, and compliant with regulation, a spokesperson said.

This is Sheins second major regulatory blow in Europe in just over a month. In June, Frances consumer watchdog levied a 40 million penalty on the company for deceptive commercial practices, signaling increasing regulatory intolerance for greenwashing in the fashion industry.

As Shein eyes a possible IPO and further global expansion, its critics and regulators are ramping up pressure to align its practices with its glossy environmental promises.


Read More ...


Consumer News: Study reveals gaps in child passenger safety in vehicles

Tue, 05 Aug 2025 19:07:08 +0000

Despite laws, many children in cars and trucks are not buckled in

By Mark Huffman of ConsumerAffairs
August 5, 2025
  • Nearly 70% of children under 13 involved in fatal car crashes from 2011 to 2021 were not properly restrained, despite clear laws and safety guidelines.

  • Inappropriate safety practices were concentrated in certain U.S. counties and among children in under-resourced communities.

  • Stronger child restraint laws and higher seat belt fines are associated with better safety outcomes.


Police departments across the U.S. have cracked down on drivers and passengers who arent wearing seatbelts, with a nationwide "Click it or Ticket" campaign. But when it comes to children, the stakes are higher and the requirements are more demanding.

Infants must be in approved back seat infant carriers, and toddlers must be in booster seats, secured by seat belts.

But despite these requirements, a new study published in Traffic Injury Prevention reveals that nearly 70% of children under age 13 involved in fatal car crashes between 2011 and 2021 were not using appropriate child restraint systems (CRS), raising fresh concerns about gaps in vehicle safety compliance and enforcement nationwide.

Despite longstanding national guidelines and state laws mandating child car seat use, researchers found a widespread pattern of misuse or non-use, especially among children aged four to 12. The findings suggest that millions of children remain vulnerable due to premature transitions to seat belts, riding unrestrained, or being seated in unsafe positions like the front seat.

Given the continued problem of suboptimal child passenger safety practices there is a need for innovative, targeted programs to promote correct and consistent use, said lead author Arthi Kozhumam, in a press release.

Whos most at risk?

The study identified disparities based on age, geography, and socioeconomic status. Inappropriate safety practices were disproportionately seen among:

  • Children aged 47 and 812

  • Kids traveling with drivers from under-resourced communities, defined by low Child Opportunity Index (COI) scores

  • Residents of 75 identified county-level hotspots across the country

Dr. Michelle Macy, senior author of the study, pointed to the geographic clustering of these safety lapses as an opportunity for targeted intervention.

A novel contribution of this research is our finding of geographic concentration, she said. These areas can be targeted for interventions, especially in the most vulnerable age groups.

The numbers tell a sobering story

The analysis, which drew on over 50,000 child-involved crashes from the national Fatality Analysis Reporting System (FARS), found:

  • 36% of children were prematurely moved to a less protective restraint

  • 20% were completely unrestrained

  • 15% were riding in the front seat

  • Of those in the front seat, 9% were also unrestrained

These statistics translate into daily tragedies: an average of three children die and more than 400 are injured every day in U.S. motor vehicle crashes.

Policy can make a difference

The study found that states with stricter child restraint laws and higher penalties for seat belt violations had lower rates of safety breaches.

We show that state policy makes a huge difference in promoting safer transportation practices for child passengers, Macy said. The Child Opportunity Index also may provide a lens for targeted prioritization of educational interventions.

The researchers urge the development of focused, data-driven interventions that prioritize under-resourced communities and high-risk age groups. The findings also underscore a pressing need for renewed education efforts, stricter enforcement, and community-based outreach to reduce preventable child injuries and deaths on American roads.


Read More ...


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