Banks and card issuers warned against the credit card reforms that went into effect a few months back, but so far it’s been a good thing for consumers, according to new delinquency numbers. [More]
An amendment to the financial overhaul bill banning the use of taxpayer funds for bank bailouts has been agreed upon in the Senate, says the LA Times. [More]
One of the implied promises of a brand name, especially when it comes to drugs, is you can expect higher quality, but maybe that doesn’t apply when it comes to McNeil products.The FDA says the plant that produced the recently recalled children’s Tylenol, Motrin, Zyrtec and Benadryl, was using raw materials that were contaminated with bacteria. The plant also lacked adequate quality-control procedures and was dirty. So far none of the recalled medicine has tested positive for bacterial contamination, but the FDA report suggests that the contaminated material was used to make the recalled lots. The plant has been shut down indefinitely. [More]
Do you work in a corrupt industry? The Daily Beast took a look at data gathered by Transparency International, a “global anti-corruption think tank,” and put together a list of America’s most corrupt professions. Everyone may be hating on Wall Street right now, but the worst offenders according to the criteria used are utilities. In second and third place were Wall Street and telecommunications, and media came in fifth, well before banking, insurance, or retail. [More]
Senator Charles Schumer is upset on your behalf over Facebook’s latest loosening of its privacy policies, and yesterday he called for the FTC to step in and provide some guidance, offering to introduce legislation if the agency feels it needs that extra authority. Specifically, Schumer wants three things: opt-out defaults should be switched to opt-in, sites should always disclose where the information is going, and there should be some general “guidelines for user privacy” that sites follow. [More]
The White House has released potions of a speech to be made by the president later today in NYC. In it Mr. Obama calls on banking industry lobbyists to halt their efforts to stop financial reforms that he feels are in the best interest of the market and the country. [More]
The consumer group Consumer Watchdog is planning to ask the Justice Department to “launch an antitrust action against the search giant and seek remedies including a possible break up,” reports the San Francisco Chronicle. The group will host a press conference in Washington, D.C. tomorrow where it will argue that there’s enough evidence to warrant antitrust action from the feds. [More]
The Washington Post reports that thanks to legislative compromise, banks and mortgage brokers may be the only financial institutions regulated by the proposed federal Consumer Financial Protection Agency–leaving entities that loan money but don’t hold bank charters, such as auto dealers, pawn shops, and payday lenders, unregulated by the industry. Now an unholy alliance of banking industry groups and consumer advocates are fighting the proposal, each for their own reasons. [More]
“Tobacco products today are really the only human-consumed product that we don’t know what’s in them,” the director of the FDA’s Center for Tobacco Products said to the Associated Press. To address that, the agency has told tobacco companies to provide a list of the ingredients in their cigarette brands by June 2010. The FDA says it won’t publicize a lot of the data in order to protect trade secrets, but that by June 2011 it will publish a list of “harmful and potentially harmful” ingredients, at which point tobacco companies will have to start listing the amounts of each one on their products. [More]
According to the Wall Street Journal, Senator Chris Dodd, a Democrat from Connecticut, has offered to abandon the Consumer Financial Protection Agency (CFPA) proposal in exchange for Republican support on other legislation. Nobody is saying anything official right now, but the WSJ reports that “the offer is conditional on the creation of a stronger consumer protection division within another federal agency.” [More]
Despite the passage of the Credit Card Accountability Responsibility and Disclosure Act (“Credit CARD Act”), there are still fee traps out there waiting to snare you. [More]
The FDA says that companies have 30 days to convince them that caffeinated alcoholic beverages are safe and legal, because they don’t seem to remember approving them.
The SEC’s inspector general has released a jailhouse interview in which his royal Ponziness, Bernie Madoff himself, explains that he got away with his scheme because the SEC basically sucks.
In the net neutrality debate, there are a surprising number of grassroots organizations (well, surprising to me at any rate) that have filed statements against the FCC’s recent draft of rules. Matthew Lasar at Ars Technica just published an interesting article where he looks at some of these groups and tries to figure out whether AT&T is secretly influencing them, or whether they really do think net neutrality will hurt those they represent–frequently minority groups–in the long run.