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| May 25, 2018

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Consumer Archives -

Fed nominees slam Wells Fargo for consumer abuses and indicate bank’s growth cap will be tough to lift

May 16, 2018 |

Two Federal Reserve nominees on Tuesday slammed Wells Fargo & Co., for its consumer abuses and indicated that they would have to see significant improvements before voting to lift a cap on the San Francisco bank’s growth.

“Just based upon the news accounts, which of course is all I have to go on,…

L.A. Times – Business

Trump’s renewed economic sanctions on Iran heightens risks for global oil prices and U.S. consumer spending

May 9, 2018 |

For American consumers, the effect of President Trump’s announcement Tuesday that the U.S. would pull out of the Iran nuclear deal was already apparent at their local service stations days ago.

Gas prices nationally have climbed about 11% since March, to an average of $ 2.85 a gallon last week,…

L.A. Times – Business

White House-backed bill purports to strengthen consumer protection. It does the opposite

May 4, 2018 |

The White House Office of Management and Budget recently declared its support for legislation called the Economic Growth, Regulatory Relief and Consumer Protection Act. The bill has been passed by the Senate and is expected to be approved by the House in coming weeks.

“The administration is committed…

L.A. Times – Business

Tech Companies, Consumer Products Lead US Indexes Lower

April 19, 2018 |

The stock market had its first loss of the week as technology companies and consumer products makers led US indexes lower, the AP reports. Apple lost 2.8% Thursday and tobacco maker Philip Morris International plunged 15.6% after reporting weak results, noting that sales of its iQos device in…

A good consumer agency is a weak consumer agency, says Trump’s consumer watchdog

April 17, 2018 |

If the stakes weren’t so high, it would be incredibly fun watching financial firms and their Republican allies repeatedly make the case that the Consumer Financial Protection Bureau is a rogue agency determined to undermine capitalism, democracy and the American way of life.

My absolute favorite…

L.A. Times – Business

Wells Fargo confirms that it may pay $1-billion penalty over latest consumer abuses

April 13, 2018 |

Wells Fargo & Co. confirmed Friday that the bank might pay as much as $ 1 billion to regulators over its mortgage-lending and auto-insurance abuses — which would be the biggest penalty yet for the bank related to its long running sales-practices scandal.

The San Francisco bank, in its first-quarter…

L.A. Times – Business

Mick Mulvaney says CFPB’s new priority is ‘to recognize free markets and consumer choice’

April 11, 2018 |

Consumer Financial Protection Bureau chief Mick Mulvaney told lawmakers Wednesday that the agency’s new priority is “to recognize free markets and consumer choice” and take “a humble approach to enforcing the law,” according to prepared remarks released in advance.

In his first testimony to Congress…

L.A. Times – Business

‘Consumer’ may get a demotion if Mick Mulvaney’s CFPB overhaul includes altering its name

April 11, 2018 |

Mick Mulvaney’s overhaul of the Consumer Financial Protection Bureau is so extensive it now could include revising the agency’s name and discarding its simple, modern logo.

Mulvaney, installed as acting director by President Trump last fall, has taken to calling the agency the Bureau of Consumer…

L.A. Times – Business

Mick Mulvaney gives big pay raises to his hires at Consumer Financial Protection Bureau

April 5, 2018 |

Mick Mulvaney, President Trump’s appointee to oversee the Consumer Financial Protection Bureau, has given big pay raises to the deputies he has hired to help him run the agency, according to salary records.

Mulvaney has hired at least eight political appointees since he took over the bureau in…

L.A. Times – Business

South Korea Orders 12 Crypto Exchanges to Revise Consumer Contracts

April 4, 2018 |

South Korea Orders 12 Crypto Exchanges to Revise Consumer Contracts

South Korea’s financial watchdog today ordered a dozen cryptocurrency exchanges to update their adhesion contracts, which the agency claims causes problems for users in withdrawals, and generally puts the businesses way ahead of consumers on all levels.

Also read: Trezor to Implement Bitcoin Cash Addresses

South Korea Orders Exchanges to Revise Adhesion Contracts

The Republic of Korea Fair Trade Commission (KFTC), the country’s regulatory authority for economic competition, “ordered 12 cryptocurrency exchanges to revise their adhesion contracts, which largely fail to provide adequate protection for consumers,” according to Yonhap.

Consumer protection in South Korea is regulated under several acts, including the Consumer Protection Act, and also more specific acts, such as the Adhesion Contract Act, enacted December 31, 1986.

South Korea Orders 12 Crypto Exchanges to Revise Consumer Contracts

It was later updated for the internet age, and is known as The Act on Consumer Protection in Electronic Commerce (E-Commerce Act). Its charter provides a shield on the consumer side during online transactions. It’s the main law the KFTC is appealing to. The KFTC is also looking over standard terms and conditions guidelines, and these are enforced via the Regulation of Standardized Contracts Act (RSCA).

With the RSCA, the onus is on the business to disclose all benefits and responsibilities, including what is referred to in the US as the small print. The Korean Supreme Court ruled that the standard is “contractual terms that would typically affect a reasonable consumer’s decision to enter into a contract or how prices are set for the concerned transaction (for example, product warranty or disclaimer of liability).”

Charges of Unfairness

“According to the Fair Trade Commission,” Yonhap continues, “existing guidelines unfairly bar users from withdrawing their deposits, or limit their services to users, and force users to shoulder all financial losses when they secede from membership.”

South Korea Orders 12 Crypto Exchanges to Revise Consumer Contracts

South Korean cryptocurrency exchanges have been very active of late. Huobi has officially launched in South Korea, facilitating “the trading of 100 cryptocurrencies and 208 markets.” In terms of regulation, these pages also reported how the “Kakao-backed cryptocurrency exchange Upbit has launched a system to reward users for identifying fraudulent multi-level schemes related to cryptocurrencies.”

Just within the last two weeks, however, three exchanges were raided by prosecutors who they “suspected of buying bitcoin with money stolen from customers’ accounts,” documented. This happened roughly a month after over “twenty cryptocurrency exchanges in South Korea have agreed to voluntarily undergo evaluations” in a broader effort to better self-regulate.

Do you think South Korean exchanges are over-regulated?  Let us know what you think in the comments below.

Images via Pixabay. 

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