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House Committee Takes Actions To Clean Up Credit Bureau Mistakes

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

In committee votes this week and last week, the House Financial Services Committee sent a package of credit reporting reforms on to the House floor. It's the first major Congressional action to rein in the so-called Big 3 credit bureaus - Equifax, Experian and Trans Union - and other smaller, specialized bureaus and credit scoring companies, since 2003. The Big 3 national credit bureaus have been the most complained about financial firms to the CFPB for four years running, predating the massive Equifax data breach.

FTC’s “Nixing the Fix” Workshop hears concerns raised by Right to Repair advocates

By | Nathan Proctor
Director, Campaign for the Right to Repair

Yesterday, I delivered 7,900 petition signatures to the Federal Trade Commission (FTC) in support of action to address how manufacturers block repair. I was also featured on a panel at the FTC’s “Nixing the Fix” workshop, which explored restrictions on repair, how consumers experience those barriers, and how manufacturers argue against repair. 

As CFPB Reviews Overdraft Rules, UK Regulator Makes Pro-Consumer Changes

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

As the CFPB conducts a ten-year regulatory review of the Overdraft Rule established by the pre-CFPB regulators in 2010, the UK's Financial Conduct Authority has announced sweeping changes to address what it calls a "dysfunctional" overdraft market. The US system prohibits overdraft fees on debit and ATM transactions unless you opt-in to fee-based "standard overdraft protection," but the fees average over $32 per overdraft and CFPB has accused some banks of deceptive marketing of the service. Meanwhile, the UK's FCA is banning fixed fee overdrafts and requiring UK banks to treat overdrafts as loans subject to reasonable interest rates. We've asked CFPB to ban overdrafts on debit and ATM transactions.

Here’s how manufacturers argue against repair.

By | Nathan Proctor
Director, Campaign for the Right to Repair

In March, the FTC announced a new workshop called “Nixing the Fix,” which will investigate how companies “limit repairs by consumers and repair shops and whether those limitations affect consumer protection, including consumers’ rights.” Last week, the FTC posted submitted comments for it's Nixing the Fix workshop, and by reviewing those comments, it's clear that manufacturers and their lobbying associations are doubling down on their arguments.

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