BOSTON — Attorney General Andrea Joy Campbell has announced that her office has proposed regulations to prohibit hidden “junk fees,” which companies use to deceptively hike prices on consumers above advertised prices. The proposed regulations would require businesses to clearly disclose the total price of a product at the time it is presented to consumers, provide clear and accessible information on whether fees are optional or required, and simplify the process for cancelling trial offers and recurring charges, amongst other rules.
The Federal Trade Commission has finalized a new rule to fight two common types of illegal tactics consumers face when buying a car: bait-and-switch tactics and hidden junk fees. The new rule is expected to save consumers nationwide more than $3.4 billion and an estimated 72 million hours each year shopping for vehicles.
In the drive toward Combating Auto Retail Scams, the FTC’s just-announced CARS Rule is a big win for consumers, who lose billions of dollars in wasted time and money each year to illegal practices like bait-and-switch tactics and junk fees. It’s also a big win for honest car dealers who strive to apply established truth-in-car-buying principles at their dealerships and shouldn’t have to compete against dealers who don’t.
On December 7, the Office of the Comptroller of the Currency (OCC) published the fall edition of its Semiannual Risk Perspective, which discusses key issues facing banks. From the OCC’s perspective, the overall strength of the banking system remains sound and recessionary pressures appear to be easing.
CUNA Senior Director of Advocacy and Counsel Elizabeth Sullivan posted initial analysis of the Community Development Financial Institution (CDFI Certification Application on CUNA’s Compliance Community. While it will take weeks to dig into the complete details, Sullivan notes that the application changes appear to be ultimately positive.
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