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| August 19, 2018

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Consumer Archives -

Can consumer loans ever be so expensive they break the law? The California Supreme Court says yes

August 13, 2018 |

California’s high court has ruled that interest rates on consumer loans can be so high that they become “unconscionable” and, therefore, illegal — a decision that could upend the state’s subprime loan market.

In a unanimous opinion released Monday morning, California Supreme Court justices said…

L.A. Times – Business

Stocks slip as Netflix plunge hurts tech and consumer companies

July 17, 2018 |

U.S. stock indexes are slipping Tuesday as investors back away from some of market’s highest-flying companies. Netflix is plunging after the streaming video company gained fewer subscribers than Wall Street had hoped in its latest quarter and also projected weak results over the next three months….

L.A. Times – Business

Trump’s FTC consumer chief may be single most conflicted member of his administration

July 6, 2018 |

When a new consumer regulator gets appointed in Washington, Remington Gregg, as a lawyer with the advocacy group Public Citizen, routinely submits a request under the Freedom of Information Act for the appointee’s financial disclosure statement. This can help spot any potential conflicts of interest.

L.A. Times – Business

Critics say CFPB nominee Kathy Kraninger lacks the experience to be the nation’s top consumer financial watchdog

June 19, 2018 |

Nominees for top federal financial regulators usually have worked in high-level government or private-sector jobs, and President Trump had been following that traditional playbook. Until his latest pick.

His choice for comptroller of the currency was chief executive of Pasadena’s OneWest Bank;…

L.A. Times – Business

Trump’s consumer agency chief looks to shut down database of consumer complaints

June 11, 2018 |

The Trump administration may shut down a federal database of consumer complaints about the financial-services industry. Banks think that’s a swell idea.

The attorneys general of California and more than a dozen other states think it’s a foolish move.

Want to guess which way President Trump will…

L.A. Times – Business

Mick Mulvaney just scrapped all the experts on CFPB’s consumer advisory board

June 6, 2018 |

Members of a group of outside experts required by law to meet twice a year with the Consumer Financial Protection Bureau said Wednesday that the group has been dissolved by CFPB head Mick Mulvaney.

Bureau officials told the 25 members of the Consumer Advisory Board on Wednesday morning that they…

L.A. Times – Business

China cuts import duties on some consumer goods

May 30, 2018 |

China is cutting import duties on washing machines, cosmetics and some other consumer products amid U.S. pressure to narrow its multibillion-dollar trade surplus.
FOX News

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