Federal Trade Commission law enforcement actions resulted in more than $324 million in refunds to consumers in 2023, the agency said in its annual report on refunds. The FTC Annual Report on Refunds to Consumers provides a breakdown of the total amount refunded by the FTC nationally, as well as the amount mailed to each state.
The big consumer news last Friday was that the University of Michigan’s June Consumer Sentiment Index hit a seven-month low. Many scratched their heads, particularly since the CPI print earlier in the week came in flat and the economy appears to be firing on all cylinders.
The Federal Trade Commission (FTC) is intensifying its scrutiny of companies’ claims about artificial intelligence (AI), with a stern warning that it will hold firms accountable for unsubstantiated promises, per Axios. Samuel Levine, the director of the FTC’s Bureau of Consumer Protection, emphasized the agency’s commitment to enforcing truthful and substantiated AI claims in a recent interview with Axios.
Several years ago, the Consumer Financial Protection Bureau (CFPB) took a big step to protect consumers from unfair and abusive practices in the payday and installment lending industry. After a thorough review of the market, the CFPB discovered a troubling trend: lenders repeatedly attempting to withdraw money from consumers’ accounts even after the accounts were empty. One particularly shocking example revealed a lender making 11 failed withdrawal attempts in a single day.
The Consumer Financial Protection Bureau (CFPB) today filed a proposed order that would require Freedom Mortgage Corporation to pay a $3.95 million penalty for submitting error-riddled mortgage loan data to federal regulators.
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