Consumer issues

Joined by Consumer Advocate, Connecticut Consumer who was Unfairly Hit with Overdraft Fees

October 19, 2009 -- At a press conference at Stamford Government Center today, Senate Banking Committee Chairman Chris Dodd (D-CT) unveiled The Fairness and Accountability in Receiving (FAIR) Overdraft Coverage Act, a bill to protect Americans from excessive checking account overdraft fees.

Dodd was joined at the event by Attorney Ellery Plotkin, a consumer advocate, and Mario Livieri, a resident of Branford who was unfairly hit with overdraft fees earlier this year.    » read more »

October 19, 2009 -- WASHINGTON – U.S. Senator Sherrod Brown (D-OH) joined Senate Banking Committee Chairman Chris Dodd (D-CT) and Sens. Charles E. Schumer (D-NY) and Jack Reed (D-RI) to announce the introduction of The Fairness and Accountability in Receiving (FAIR) Overdraft Coverage Act. This legislation would protect Americans from excessive checking account overdraft fees.

“Taxpayers helped stabilize the financial services industry – big banks should not return the favor by slamming consumers with billions of dollars in overdraft fees,” said Brown, who chairs the Senate Banking Subcommittee on Economic Policy. “In Ohio alone, it’s estimated that consumers paid nearly $900 million in overdraft charges last year. This is about putting consumers first.”    » read more »

“Great Appliance Swap Out” to Provide Rebates for Energy Efficient Appliances

October 16, 2009 -- New York Governor David A. Paterson today announced that New York has submitted a plan for federal approval that would provide consumers with rebates for purchasing certain energy-efficient refrigerators, clothes washers, freezers and dishwashers through a program funded by the American Recovery and Reinvestment Act (ARRA).

If New York’s plan is approved by federal government, the Great Appliance Swap Out program will allow the State to issue nearly 170,000 rebates totaling $16.8 million.    » read more »

FDA issues warning to consumers to avoid purchasing flu drugs online; WHO says counterfeit drugs are a $35 to $40 billion a year industry

October 16, 2009 -- Huntington, NY – On Friday, Rep. Steve Israel (D-Huntington) called for Congress to act on his legislation, the Counterfeit Drug Enforcement Act of 2009 (H.R.2726) – also known as Tim Fagan’s Law, amid warnings about counterfeit drugs related to the H1N1 virus. Websites selling fake Tamiflu and other purported flu treatments are proliferating and preying on fears of the H1N1 virus.    » read more »

October 15, 2009 -- Washington, DC -- Congressman Paul Hodes, a member of the House Financial Services Committee, released the following statement after a telephone press conference on reforming financial services and credit card company practices. Congressman Hodes was joined on the call by Dartmouth Professor Karl Griswold.

Professor Griswold’s credit card company arbitrarily lowered his credit limit while he was seeking to purchase his first home. This lowered credit line resulted in a deduction in his overall credit score and has hurt his buying power as he continues his search for a first home.    » read more »

October 16, 2009 -- WASHINGTON, DC – U.S. Senator Charles E. Schumer (D-NY) urged the Federal Reserve Friday to take a tougher approach on overdraft fees that banks impose on their customers, expressing fear that the regulator’s planned crackdown on the abusive practice won’t go far enough and adding that the Fed’s slowness to act on the issue shows the need for a new consumer watchdog agency.    » read more »

Guide helps drivers save money while reducing greenhouse gas emissions

October 15, 2009 -- WASHINGTON, DC – The U.S. Environmental Protection Agency and the Department of Energy today unveiled the 2010 Fuel Economy Guide, which gives consumers important information about estimated fuel costs and mileage standards for model year 2010 vehicles.

“Every year, consumers use the Fuel Economy Guide to find clean, efficient, cost-effective vehicles that meets their needs and their budgets,” said EPA Administrator Lisa P. Jackson. “It's an easy, accessible resource for everyone, and helps us cut harmful pollution from the air, and save money for American drivers.”    » read more »

WASHINGTON, DC- On the heels of a strongly-worded letter to the CitiGroup CEO requesting major credit card companies, including Citigroup, avoid changing credit card account terms before federal regulations on the industry take effect early next year, U.S. Congressman John Boccieri (D-Alliance) today with 17 of his House colleagues sent a letter to the Chief Executive Officer of Wells Fargo bank, calling on him to reverse his bank's recent decision to suddenly increase rates on their customers by 3 percent, and join other credit card companies who have pledged to not increase rates in advance of the effective date of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit CARD Act).    » read more »

Letter Sent to House Financial Services Committee Chairman Barney Frank

October 14, 2009 -- Washington, DC - In a letter sent today to House Financial Services Committee Chairman Barney Frank (D-MA), U.S. Congressmen Bart Stupak (D-Menominee) and Maurice Hinchey (D-NY) called for strong provisions to protect consumers and the overall economy from the abusive practices of energy speculators.

Stupak and Hinchey were joined by eight other members of Congress in encouraging Frank to strengthen provisions in draft legislation to reform the over-the-counter (OTC) energy markets.

The letter was sent to Frank in advance of a House Financial Services Committee markup of the legislation.    » read more »

October 13, 2009 -- The U.S. Department of Energy’s (DOE) National Renewable Energy Laboratory (NREL) has released a convenient online directory of Web-based tools, database searches, cost calculators, and interactive maps—all related to alternative fuels and advanced vehicles.

This comprehensive Web page helps users quickly navigate to the 23 tools, maps, and searches available on the Alternative Fuels and Advanced Vehicles Data Center (AFDC) Web site for transportation technologies. Users can find the tools page on the AFDC under Information Resources at www.afdc.energy.gov/afdc/applications.html.    » read more »

October 9, 2009 -- Washington, D.C. – Speaker Nancy Pelosi released the following statement today after President Obama delivered remarks at the White House on the need for a consumer financial protection agency to protect the financial interests of America’s families.

“Congress is working with President Obama to protect American taxpayers by ushering in an era of honesty, fairness, transparency, and accountability in our financial marketplace and preventing the abusive anti-consumer practices that resulted in the worst global financial crisis since the Great Depression. We will help achieve this goal by establishing a consumer financial protection agency, whose sole purpose is to protect the financial interests of America’s families.    » read more »

October 13, 2009 -- Washington, DC -- Today, Congressman Paul Hodes announced his support for legislation that would prevent credit card companies from arbitrarily increasing interest rates. He is a cosponsor of H.R. 3639, the Expedited CARD Reform for Consumers Act of 2009, which would speed up new credit card regulations and put them into effect on December 1, 2009, instead of next year.

Congressman Hodes supported legislation that would prevent interest rate increases and certain contract changes beginning in February of 2010. In response to the passage of this legislation, some credit card issuers have raised interest rates in an effort to skirt the new regulations.    » read more »

October 13, 2009 -- Washington, D.C. -- Discover Financial Services CEO David Nelms has assured U.S. Representatives Neil Abercrombie (HI), Betsy Markey (CO) and a group of House Members that Discover “will not initiate any change in terms” on credit card accounts to beat a new federal credit card reform law into effect.

Markey, Abercrombie and sixteen other representatives wrote the Chief Executive Officers of JP Morgan Chase & Co., Bank of America, Discover Financial Services, American Express, Capital One Financial Corp. and Citigroup asking them not to change the terms on credit card accounts ahead of federal reform legislation. Discover joins Bank of America in announcing that no change in consumer credit card accounts will be made.    » read more »

Washington, D.C. (October 13, 2009): The nation’s leading manufacturers of residential central air conditioners, furnaces, and heat pumps today signed an historic, voluntary agreement with the nation’s leading energy efficiency advocacy organizations supporting new federal standards for those products. For the first time, the agreement calls for regional efficiency standards to replace a quarter-century of national standards, and it also recommends more stringent building code provisions for new construction.    » read more »

Consumers can purchase energy-efficient products tax free October 9-12; claim state rebates and federal credits on qualifying products

October 09, 2009 -- RICHMOND – Virginia Governor Timothy M. Kaine today encouraged Virginians to take advantage of the state's third annual sales tax holiday on ENERGY STAR and WaterSense-qualified products. During this annual holiday, which will take place October 9-12, consumers can save money by buying certain qualified products tax-exempt, which will also deliver savings for years to come through lower home utility bills.

As with last year's holiday, high-efficiency products with ENERGY STAR or WaterSense certification will be exempt from sales tax.    » read more »