FTC Issues Discrimination Enforcement Action
Discrimination Enforcement Action – The FTC is taking action against an auto dealer for deceiving consumers by tacking hundreds to thousands of dollars in illegal junk fees onto car prices and for discriminating against Black and Latino consumers with higher financing costs and fees. The FTC alleges that the dealership regularly advertises certified, reconditioned, or inspected cars at specific prices, but then adds extra certification, reconditioning, or inspection fees that it falsely claims consumers are required to pay. The FTC also alleges that the dealership charges Black and Latino consumers hundreds of dollars more in financing costs and fees, on average, than white consumers.
CFPB Publishes on Overdraft Fees & Older Adults
Overdraft Fees & Older Adults – The CFPB published an Issue Brief that examines how overdraft fees affect economically insecure older adults. Although older adults as a whole incur overdraft fees less frequently than other age groups, economically insecure older adults are particularly impacted by overdraft fees because they are often unable to adjust their carefully managed budgets to pay unexpected fees. The report states that older adults may be more susceptible to overdraft fees for a variety of reasons, including reliance on Social Security benefits, caregiving responsibilities, the loss of a partner, limited access to financial technology, or cognitive impairment.
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