Blog

SEC mostly ignores us, proposal weakens investor protections

Thursday, August 30, 2012

Consumer Program Director

Yesterday, the Securities and Exchange Commission (SEC) issued a proposed rule implementing the controversial JOBS Act that fails to protect small investors from a likely onslaught of sales pitches online and on the phone -- including from private equity and hedge funds. Positively, it's only a proposed rule, at least nominally subject to amendment, not an interim final rule.

Financial Reform

Red Vines Black Licorice Candy Recalled for High Lead Content

Friday, August 24, 2012

By | Nasima Hossain

Public Health Advocate

The American Licorice Co. voluntarily recalled 1-pound bags of its Red Vines Black Licorice Twists after the California Department of Public Health found levels of lead in the candy that exceed the state standards.

Public Health

FTC recovers over $500 million from "get rich" and "lose weight in 3 minute abs workout" scammers

Thursday, August 23, 2012

By | Ed Mierzwinski

Consumer Program Director

The FTC today announced a $25 million settlement with the marketers of the Ab Circle Pro, an exercise machine that promises you can lose weight and get ripped abs in "just 3 minutes a day;" meanwhile, a federal judge has also approved a $478 million settlement in the FTC's case against a "get rich quick" infomercial king. A good day for consumers.

Consumer Protection

More credit card banks quit evil ways

Wednesday, August 22, 2012

By | Ed Mierzwinski

Consumer Program Director

In July, the CFPB slammed Capital One for tricking consumers into buying over-priced, under-performing credit monitoring and debt-cancellation subscription products. More good news: the Wall Street Journal is reporting that Bank of America has stopped selling debt cancellation products and that Citibank is in some sort of timeout.