| Volume 92 Number 7 |
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The People’s Lawyer’s Tip of the Day
Always use a credit card when shopping online or by mail. Federal law allows you to refuse to pay the credit card bill if the goods are never delivered.
For more general information about the law, check out my website.
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CFPB to Examine Credit Card Rewards
Are consumers being misled when they sign up for a credit card based on a rewards program?
The Consumer Financial Protection Bureau is investigating.
CFPB Director Richard Cordray recently made light of the potentially confusing rules governing many popular rewards programs. As a result, Director Cordray suggested that the CFPB may implement rules to make such rules clearer and more transparent.
Banks rely heavily on rewards incentives to hook consumers to a particular credit card. In fact, the attractiveness of a given rewards program is the top determining factor when a consumer chooses a credit card.
What kind of changes could be coming for credit card rewards programs?
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Problems With Potential Health Care Fix
Switching course, President Obama now says that people who faced potential conflict with the requirements of the Affordable Care Act may keep their insurance for one more year.
A problem recently surfaced when it was discovered that a small segment of the American population had insufficient insurance coverage to be compliant with the new law. After a string of cancellation letters went out, consumer backlash was strong. Hoping to offer a resolution, the President extended a reprieve of sorts to those who wished to continue with their existing, but limited coverage.
In order to extend coverage for existing policy holders, the insurance companies and consumers will need to jump through some hoops. First, they must get approval from state regulators. Second, insurance companies must backtrack on changes they have already made to become compliant. Notably, many have already told existing policy holders that coverage can't continue. Third, the policy holders must actually renew their existing policies. Although this may seem simple, it isn't.
What's the practical impact of the President's concession?
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What to Do With Expired Medication
Should you flush old medication down the toilet?
Certain medications are particularly dangerous when left around the house. Flushing old medications can be a bad idea for a number of reasons, but properly disposing of old medications isn't.
If you have old medications in your medicine cabinet, what can you do to make sure they're properly eliminated?
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Your Money
Will you save by refinancing your mortgage?
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For the Lawyers
Unfair and hidden arbitration clause is unenforceable.
A U.S. district court in Nevada refused to enforce an arbitration clause in a privacy/security breach class action. Most online retailers require consumers to click on a button saying that they agree to all the fine print terms and conditions, which generally include forced arbitration clauses.
In this case, this arbitration clause provided that “Accessing, browsing or otherwise using the site indicates your agreement to all the terms and conditions in this agreement, so please read this agreement carefully before proceeding.”
The court noted that, “Very little is required to form a contract nowadays–but this alone does not suffice.” It continued, stating that “the Internet has not changed the basic requirements of a contract, and there is no agreement where there is no acceptance, no meeting of the minds, and no manifestation of assent.”
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