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Keyword: consumer

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  • Finally, a crackdown on predatory payday loans

    10/07/2017 11:33:46 AM PDT · by EveningStar · 87 replies
    Los Angeles Times ^ | October 9, 2017 | Editorial Board
    The Consumer Financial Protection Bureau’s new rules for payday loans and car title loans have drawn the predictable cries of outrage from lenders, particularly small storefront operators who say the restrictions will put them out of business. And it’s an understandable complaint — after spending five years researching the market for high-cost credit, the bureau has fired a shot right at the heart of these lenders’ business model. But the outrage here isn’t what the regulators are doing. It’s the way these lenders have profited from the financial troubles of their customers. As the bureau’s research shows, payday lenders rely...
  • Atlanta judge pitches federal PBGS/CFPB case against Global Payments

    08/30/2017 7:14:03 AM PDT · by spintreebob · 2 replies
    Atlanta Journal Constitution ^ | 8 /29/2017 | Russell Grantham
    Saying the U.S. Consumer Financial Protection Bureau “blatantly” ignored his directions, a federal judge in Atlanta dismissed the agency’s claims against a metro Atlanta payment processor and three others for allegedly aiding fraudulent debt collectors... U.S. District Judge Richard Story sanctioned the PBGC by dismissing its complaints.... The judge said the PBGC repeatedly stonewalled the defending lawyer's efforts to find out the facts of the case against their clients. “The CFPB willfully violated the court’s repeated instructions to identify for defendants the factual bases for its claims and that, in each deposition, it willfully failed to present a knowledgeable …....
  • Great Debt Unwind: Consumer Bankruptcies Jump, First since 2010. Commercial Bankruptcies Spike

    04/30/2017 7:38:09 AM PDT · by george76 · 17 replies
    Wolf Street ^ | Apr 8, 2017 | Wolf Richter
    But don’t blame the oil bust. Commercial bankruptcy filings, from corporations to sole proprietorships, spiked 28% in March from February, the largest month-to-month move in the data series of the American Bankruptcy Institute going back to 2012. They’re up 8% year-over-year. Over the past 24 months, they soared 37%! At 3,658, they’re at the highest level for any March since 2013. Commercial bankruptcy filings skyrocketed during the Financial Crisis and peaked in March 2010 at 9,004. Then they fell sharply until they reached their low point in October 2015. November 2015 was the turning point, when for the first time...
  • Diamonds aren't a girl's best friend...

    03/28/2017 7:12:59 PM PDT · by Ol' Dan Tucker · 93 replies
    Dailymail.com ^ | 03-28-2017 | Hannah Parry
    A jewelry restorer has gone undercover at some of New York's most recognizable diamond stores to 'prove' that customers are being ripped off. Diamond expert Jacob Worth, founder of I Want What It's Worth, claims that luxury retailers Tiffany & Co, Cartier, Van Cleef and Harry Winston all use 'identical' diamonds to those found in basic retailers - but with huge markups. 'There really is nothing special about these diamonds. Identical rings can be found at Costco or websites like Blue Nile,' he said. 'At Tiffany you are basically paying a massive markup up for a blue box which you...
  • Theranos' Acting GC Faces Challenges, Opportunity

    10/31/2016 8:33:19 PM PDT · by CorporateStepsister · 6 replies
    the Recorder ^ | October 17, 2016 | David Ruiz, The Recorder
    SAN FRANCISCO — Embattled biotech startup Theranos Inc. has promoted senior litigation counsel David Taylor to acting general counsel. Taylor's already got a full plate. "He's got a mess on his hands," said Hagens Berman Sobol Shapiro partner Robert Carey in Phoenix, one of many lawyers suing the blood diagnostics company for alleged consumer fraud. Carey's suit is one of six similar, separate suits consolidated in the Northern District of California. Aside from that litigation surplus, Theranos is being investigated for investor and consumer fraud by the U.S. Securities and Exchange Commission and the U.S. Department of Justice, respectively. The...
  • CFPB “Structurally Unconstitutional” – US Court of Appeals

    10/11/2016 1:28:48 PM PDT · by Behind Liberal Lines · 11 replies
    National Review ^ | October 11, 2016 3:47 PM | by IAIN MURRAY
    the US Court of Appeals from the DC Circuit today found that the Consumer Financial Protection Bureau was “structurally unconstitutional.” The offending structure consists of an independent agency with a single, all-powerful executive director. The Court found that structure fell between two stools – an agency with a single head needs to be accountable to the President, while an independent agency needs to have internal checks and balances by having a multi-member commission format like the SEC and others... The Consumer Financial Protection Bureau’s lack of checks and balances violates the Constitution’s separation of powers. Its director is like a...
  • #ChristmasBUYcott Action Center - Faith Driven Consumer

    11/25/2015 11:35:27 AM PST · by doug from upland · 4 replies
    (AT THE SITE ARE THE FAITH-FRIENDLY BUSINESSES) It's time for a #ChristmasBUYcott! As Faith Driven Consumers, we will spend an incredible $30 billion over the holidays. Because major brands depend on our dollars to meet their goals for the year, collectively we have tremendous power and influence. When consumers like you and me agree to shop only with the companies that are more compatible with Faith Driven Consumers, we'll change the way brands treat us. That's why-right now-we're calling for a #ChristmasBUYcott! This is your chance to live out your faith by doing what you already do when it comes...
  • Consumer confidence falls to lowest level in 14 months

    11/24/2015 8:40:47 AM PST · by repentant_pundit · 11 replies
    MarketWatch ^ | Nov 24, 2015 | Jeffry Bartash
    Consumers confidence fell in November to the lowest level in more than a year, a survey shows. The consumer confidence index dropped to 90.4 from a revised 99.1 in October, the Conference Board said Tuesday. That's the lowest level since September 2014. Economists polled by MarketWatch had expected the index to rise to 100. The present situation index, a measure of current conditions, dropped to 108.1 from 114.6. .... "The decline was mainly due to a less favorable view of the job market," said Lynn Franco, director of economic indicators at board. The number of people who said jobs were...
  • Consumers shutting down as US economy deflates

    10/15/2015 9:16:50 AM PDT · by Lorianne · 91 replies
    CNBC ^ | 14 October 2015 | Jeff Cox
    The math is pretty simple: A lack of purchasing power for consumers has led to a lack of pricing power for companies. When it comes to the U.S. economy big-picture outlook, the ramifications are more complicated, and not particularly pleasant. Wednesday's producer price index reading, showing a monthly decline of 0.5 percent, demonstrates a larger problem: At a time when policymakers are hoping to generate the kind of inflation that would indicate strong growth, the reality is that deflation is looming as the larger threat. Declining prices often would be treated as a net positive by consumers, but income weakness...
  • US consumer finally losing the will to shop

    10/15/2015 12:30:21 AM PDT · by SaveFerris · 37 replies
    FT.com ^ | Last updated: October 15, 2015 12:08 am | James Mackintosh
    Overall sales growth below forecasts and sales excluding cars and petrol flat When the going gets tough, investors have grown used to betting on the tough going shopping. Every wobble of the past few years saw the consumer ignoring currency collapses, geopolitics and even government brushes with bankruptcy, and instead heading for the mall. The same has been true this year. The best-performing stocks in the US, UK and eurozone are in the defensive consumer staples and the racier consumer discretionary sectors. Almost no other sectors managed to make money, at least in dollar terms. Even in emerging markets, over...
  • Oil export bill driving a wedge between industries

    10/08/2015 9:22:51 PM PDT · by 100American · 1 replies
    The Washington Examiner ^ | 10/8/15 2:01 PM | JOHN SICILIANO
    The group has watched the export debate, as any reduction in supply from exports could increase prices domestically. Some large manufacturers have warned that any policy that increases the cost of energy could move U.S. companies overseas. Cicio said he would support the bill if it did not repeal the president's authority. "We should not be so short sited," he told the Washington Examiner. Oil prices currently are low, but "in the future … it can become a very significant cost issue for manufacturing." "All we need is an adjustment" to the bill to keep the safety valve in place,...
  • Pope Denounces 'Throwaway' Culture of Consumer Society

    07/10/2015 2:14:23 AM PDT · by Up Yours Marxists · 12 replies
    Business Insider (AP) ^ | July 9, 2015 23:56 UTC | Nicole Winfield and Jacobo Garcia
    SANTA CRUZ, Bolivia (AP) — Pope Francis denounced the "throwaway" culture of today's society that discards anyone who is unproductive as he celebrated his first public Mass in Bolivia on Thursday, one of the key days of his South American pilgrimage. It was to culminate with a summit of farmers, fishermen and indigenous whose causes have long been championed by history's first Latin American pope.
  • May Consumer Spending Has Biggest Annual Drop Since Great Financial Crisis, Gallup Survey Finds

    06/01/2015 9:52:09 PM PDT · by Nachum · 18 replies
    zero hedge ^ | 6/1/15 | tyler durden
    It may not have the clout of the official monthly Dept of Commerce Retail Sales report not due out for two more weeks, but in retrospect considering how many credibility issues with seasonal adjustments government data has had in recent months, the Gallup Consumer Spending report may have become far more realistic than official government data.In which case all hope of a Q2 GDP rebound abandon, ye who read this: after a strong April, in which the average consumer reported a daily spend of $91, $3 higher than a year prior, and the highest spending month since before the great financial...
  • More US Consumers Signing Long-Term Auto Loans

    03/20/2015 7:13:12 AM PDT · by nascarnation · 55 replies
    The Truth About Cars ^ | 3/20/2015 | Camernon Aubernon
    In the past, six-year auto loans were few and far between. Today, more of those loans are being issued, with seven- and eight-year loans gaining popularity. NPR reports such loans are helping to fuel a boom in U.S. new-car sales, with one-third of the loans lasting 74 months and beyond. AutoPacific analyst Ed Kim says the cars are one of the reasons for the long loans: Consumers are demanding a lot more technology in their vehicles, infotainment technologies. There’s also a lot more safety features that are in vehicles right now. Emissions and efficiency technology that are in vehicles right...
  • The Case Against Buying New: Millenials should think twice before throwing old things out

    12/30/2014 7:43:01 AM PST · by SeekAndFind · 30 replies
    Pajamas Media ^ | 12/30/2014 | SUSAN L.M. GOLDBERG
    Michael Walsh linked to an excellent article on the inability of many millennials to fix the simplest of household devices. Walsh was joined by many of my Boomer/Gen-X friends in his comment that it’s usually cheaper to throw out and buy new, but speaking as one of those Gen-X/millennial crossovers, going shopping isn’t always the cheapest thing to do. Especially when you’re caught up in a lousy economy.Here’s where I praise my incredibly handy husband who grew up learning fractions via wrench set before he ever encountered them in school. When he lost his job shortly after the recession hit,...
  • High GDP Numbers for Q3? We Can Thank Obamacare and Forced Consumer Spending

    12/25/2014 7:39:51 AM PST · by Son House · 25 replies
    Examiner.com ^ | December 23, 2014 | Kenneth Schortgen Jr
    The revision which helped create last quarters incredible growth was the forced mandatory costs incurred by the American people from the Affordable Care Act (Obamacare), which accounted for two-thirds of the entire boost in consumer spending. Consumer spending, as opposed to the recording of revenues from actual production and industry which used to be the primary components of economic growth in America, on average accounts for more than 70% of the entire Gross Domestic Product. And if you took out payments made by the American people towards mandatory government healthcare, GDP may have been in negative growth for last quarter,...
  • Retail Disaster: Holiday Sales Crater by 11%, Online Spend Declines

    11/30/2014 5:16:39 PM PST · by SeekAndFind · 94 replies
    Zero Hedge ^ | 11/30/2014 | Tyler Durden
    Last year was bad. This year is an outright disaster. As we reported earlier using ShopperTrak data, the first two days of the holiday shopping season were already showing a -0.5% decline across bricks-and-mortar stores, following a "cash for clunkers"-like jump in early promotions which pulled demand forward with little follow through in the remaining shopping days. However, not even we predicted the shocker just released from the National Retail Federation, the traditionally cheery industry organization, which just reported absolutely abysmal numbers: sales during the four-day Thanksgiving holiday period crashed by a whopping 11% from $57.4 billion to $50.9...
  • 'Pink Slime' Recovers as Beef Prices Surge

    05/24/2014 7:46:59 AM PDT · by Enterprise · 13 replies
    Newswr ^ | 5-24-2014 | John Johnson
    "Pink slime" may have become the scourge of the meat industry a few years back, but time and rising beef prices can work wonders. The Wall Street Journal reports that the two biggest producers of the product they prefer to call "finely textured beef" have mostly bounced back after sales bottomed out in 2012 amid a flurry of negative media reports. "Two years ago, no one would return our calls," says an exec with Beef Products Inc. "Now some of those same people are calling us unsolicited, and we don't have the sales staff to maintain the new business." And...
  • 19 Signs That The U.S. Consumer Is Tapped Out: Years of declining incomes and rising debts

    03/15/2014 11:53:43 AM PDT · by SeekAndFind · 33 replies
    TEC ^ | 03/15/2014 | Michael Snyder
    You can't get blood out of a rock. Traditionally the United States has had a consumer-driven economy, but now years of declining incomes and rising debts are really starting to catch up with us. In order to have an economy that is dependent on consumer spending, you need to have a large middle class. Unfortunately, the U.S. middle class is steadily shrinking, and unless that trend is reversed we are going to see massive economic changes in this country. For example, in poor neighborhoods all over America we are seeing bank branches, car dealerships and retail stores close down at...
  • Consumer Sentiment Dips in March

    03/14/2014 7:32:35 AM PDT · by mykroar · 3 replies
    FoxBusiness.com ^ | 3/14/2014 | Reuters
    <p>Consumer sentiment dipped modestly in early March, entirely due to reduced expectations for the future, a survey said on Friday.</p> <p>The preliminary Thomson Reuters/University of Michigan overall index of consumer sentiment fell to 79.9 in March, down from the 81.6 final reading in February. That was below analyst expectations for a reading of 82 and the lowest level for that index since November.</p>