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, […]
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 […]
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 […]
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. […]
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 […]
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 […]
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 […]
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, […]
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 […]
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 […]
