Stop buying and using Carolina Milano magnetic balls cubes because the loose, hazardous magnets pose a risk of serious injury or death if ingested. Tests showed the magnetic balls sold in cubes don’t comply with federal safety standard for magnets, the U.S. Consumer Product Safety Commission said in a statement. When high-powered magnets are swallowed, they can attract other magnets and get lodged in the digestive system. This can cause perforations, twisting, and/or blockage of the intestines, infection, blood poisoning, and death. The seller, CarolinaMilano.com, of Israel, isn’t cooperating... Continue Reading
Posts Tagged With ‘ Government ’
American companies are using unfair, deceptive, and abusive practices as they sells many consumer financial products, the Consumer Financial Protection Bureau said in a new report on what it found as it reviews business practices at financial institutions. For example, auto lenders have originated loan balances above the real value of the car being purchased and engaged in illegal collection practices while servicing these loans. The report covers findings from CFPB examinations completed from July 2022 to March 2023. “Today’s report furthers our efforts to highlight conduct that violates... Continue Reading
To help consumers, the Biden administration is cracking down on junk fees, price-fixing and price gouging on food, and mergers. President Joe Biden announced the actions Wednesday the day before the fifth meeting of White House Competition Council, which he appointed in 2021. The council is made up of 10 cabinet members and the heads of seven independent agencies. “It’s about basic fairness,” Biden said when he addressed cabinet members and other council members. “Folks are tired of being played for suckers.” The U.S. Department of Justice and the Federal Trade Commission will be publishing... Continue Reading
Another huge recall deserves your attention. Bose is recalling about 884,000 bass modules in the United States, 98,000 in Canada, and 18,300 in Mexico. The company has received 21 reports worldwide of the bass modules igniting or melting, including three fires resulting in damage to carpeting, an entertainment cabinet, and materials surrounding the bass box. No injuries have been reported. This recall involves certain bass modules manufactured before April 1, 2006, that were sold with some Acoustimass, Lifestyle, and Companion home theater systems. The components are black or white. The Bose... Continue Reading
More than 804,000 borrowers will have $39 billion in federal student loans discharged in the coming weeks, the U.S. Department of Education announced Friday. The discharges are fixes to ensure borrowers have an accurate count of monthly payments that qualify toward forgiveness under income-driven repayment plans. These fixes are part of the department’s actions to address failures in the administration of the federal student loan program in which payments made under IDR plans weren’t accounted for. Borrowers are eligible for forgiveness if they’ve had either 20 or 25 years of qualifying... Continue Reading
Another big bank is being exposed for corporate fraud. Bank of America will pay more than $100 million to customers for double-dipping on fees imposed on customers with insufficient account funds, withholding reward bonuses promised to credit card customers, and misusing personal information to open accounts without customers’ knowledge, the Consumer Financial Protection Bureau announced Tuesday. The Office of the Comptroller of the Currency also found that the bank’s double-dipping on fees was illegal. Bank of America will pay a total of $90 million in penalties to the CFPB and $60 million... Continue Reading
Another large financial institution has been caught gouging customers. Raymond James Financial Services agreed to settle allegations Tuesday with six state securities regulators for charging unreasonable commissions on trades that harmed investors. The broker-dealer will pay at least $8.2 million in refunds to clients, and $4.2 million in penalties and costs. A task force of state regulators from Alabama, California, Illinois, Massachusetts, Montana, and Washington investigated Raymond James’s compensation practices, and found that it charged excessive commissions on more than 270,000 low-principal... Continue Reading
The approval of a new drug to treat Alzheimer’s disease is controversial. The U.S. Food and Drug Administration gave full approval to the drug lecanemab (Leqembi) Thursday to treat adults with Alzheimer’s disease. In January, Public Citizen, a consumer advocacy organization, urged the agency not to approve the drug. In a letter to the FDA, it said that lecanemab investigators have concluded that longer trials are needed to determine the effectiveness and safety of lecanemab in early Alzheimer’s disease, and that three deaths thought to be related to the drug have now occurred in lecanemab... Continue Reading
Another lithium-ion battery recall reminds us that we need to pay attention to the possible fire hazards with the batteries. VRURC is recalling about 190,000 portable chargers. They can ignite, posing a fire risk. VRURC has received one report of fire during a flight, which injured four flight attendants who had to be treated for smoke inhalation. The recall involves VRURC portable chargers with model number “OD-B7,” which have built-in cables and a built-in wall plug. The model number is printed on the back, and the chargers were sold in black, blue, green, orange, pink, red, and white. The... Continue Reading
Photo: Dwight Burdette Farmers Insurance began limiting the sale of new homeowners insurance policies in California on July 3, the company, a subsidiary of the Zurich Insurance Group, announced Friday. Farmers is the No. 2 homeowners insurer in California. Farmers’ action follows American International Group’s curbing homeowners insurance sales for owners at high risk of floods, storms, or wildfires in 200 U.S. zip codes; State Farm’s halting the sale of insurance coverage to all homeowners in California; and Allstate’s stopping the sale of new home, condominium, and commercial insurance... Continue Reading