News

2012

January

05

• Obama appoints Cordray to head consumer watchdog bureau. In a bold act of political defiance, President Obama installed Richard Cordray as head of a new consumer watchdog agency Wednesday, bypassing Republican opposition in the Senate that derailed his nomination last month. Obama cast…

04

• Consumer Action applauds President Obama for CFPB recess appointment. Consumer Action is proud to see President Obama stand up to an obstructionist Senate today and appoint former Ohio Attorney General Richard Cordray director of the CFPB while the Senate is in recess. "With a…

03

• Better not to claim Social Security benefits early. The U.S. economy has made modest gains recently. Consumer confidence rose during the fall, and the stock market has stabilized. Meanwhile, employment appears poised to pick up, and even the housing market is showing glimmers…

01

• Consumer protection made big gains in 2011. The last year was a remarkable one for consumer protection. Among the wins: A new watchdog agency opened for business, regulators cracked down on a controversial merger and a major bank retreated from a dubious…

2011

December

30

• Consumer Action INSIDER – January 2012. In our first issue of the INSIDER for the New Year, we review our latest efforts in the various coalitions to which we belong. We cover the CFPB's latest meeting concerning financial education for the military community, and what to do when the "talent agency" says you're beautiful enough for prime time? These and other stories in our latest edition of the INSIDER.

22

• Victims in Countrywide mortgage case could get thousands. Consumers who were victims of mortgage discrimination could get anywhere from $500 to thousands of dollars each as a result of a settlement announced Wednesday by the Justice Department. Under the deal, Bank of America's…

• Bank of America to pay $335M to settle claims of unfair Countrywide loans. Bank of America agreed Wednesday to pay $335 million to settle federal claims that its Countrywide Financial unit charged black and Hispanic borrowers higher mortgage fees in the lead up to the financial crisis and…

21

• A piecemeal approach to health law in states. The Obama administration’s surprise announcement Friday that it planned to give states broad leeway to pick the benefits offered under the federal health care law offers yet another example of a gradualist approach to carrying…

• 3 million could lose jobless pay in impasse. More than three million people stand to lose unemployment insurance benefits in the near future because of an impasse in Congress over how to extend the aid and how to offset the cost. Jobless benefits…

20

• The Middle-class agenda. Earlier this month, President Obama delivered his first unabashed 2012 campaign speech. Unlike his opponents, Mr. Obama acknowledged the ravages of income equality, the hollowing out of the American middle class. There is no hyperbole…

• Tips to avoid car-crash insurance mistakes. AAA forecasts that a remarkable 91.9 million Americans will take passenger-vehicle trips 50 miles or more from home this holiday season -- Dec. 23 through Jan. 2 -- and that's up 1.4% from last year,…

• Flexible spending account deadline near. In years past, depleting money in your health care flexible spending account before the end of the year was fairly straightforward. You made a midnight dash to the nearest 24-hour drugstore and bought enough cold…

15

• Mortgage aid program stumbled from the start. "Congratulations" began the letter, dated Sept. 27. Lorraine and Jude Austin, who had battled against foreclosure for two years, were "approved" for $48,113 in federal mortgage assistance, read the letter from the Department of Housing…

• 7 secrets to super customer service. Even pros are suckers for flattery Front-line phone reps are cursed at, threatened or belittled seven times a day on average, according to researchers at Pennsylvania State University who studied two call centers for a…

• State hopes to break habit of changing car's oil too often. Many automobile owners are spending more than they need on motor oil, believing that it should be changed every 3,000 miles even though almost no manufacturer requires such an aggressive oil-change schedule. The long-held notion…

• Ryan's new approach to preserving Medicare. House Budget Committee Chairman Paul Ryan, who has been castigated by Democrats and hailed by Republicans for his plan to privatize Medicare, will on Thursday unveil a new approach that would preserve the 46-year-old federal…

13

• Firms caught up in identity theft offer little help to victims. Victims of identity theft will tell you: The shock of being defrauded isn't the worst part. What really stings is having to spend days or even weeks undoing all the damage. At the very least,…

08

• U.S. targets mortgage servicers for poor performance. The Obama administration said on Wednesday it will keep the pressure on two big U.S. banks to help more troubled borrowers from losing their homes by withholding payments to the banks under a foreclosure-prevention program…

• White House pushes vote on consumer agency chief. The White House has undertaken an extraordinary push this week to promote the confirmation of a director for the new Consumer Financial Protection Bureau, despite signs that Senate Republicans will not budge from their vow…

07

• Stealth commercials masquerade as TV news. Alison Rhodes is passionate about child safety, and in hundreds of TV news interviews, the self-styled “Safety Mom” has talked up products designed to increase it. During a segment on WTTG’s morning news last year,…