Latest Consumer affairs News

Hungary fines Ryanair over raising prices to cope with tax

Aug. 08, 2022 06:58 AM EDT

BUDAPEST, Hungary (AP) — Hungary accused Ryanair of consumer protection violations and fined it more than three-quarters of a million euros after the budget carrier raised ticket prices to cope with a tax on what the government calls “extra profits" of industries ranging from airlines to banks....

Virginia regulators OK Dominion's planned offshore wind farm

Aug. 05, 2022 17:19 PM EDT

RICHMOND, Va. (AP) — State regulators on Friday approved an application from Dominion Energy Virginia to build an enormous offshore wind farm off the coast of Virginia Beach and recover the cost from ratepayers. No parties to the monthslong proceeding had opposed the approval of...

Amazon to buy vacuum maker iRobot for roughly $1.7B

Aug. 05, 2022 15:03 PM EDT

NEW YORK (AP) — Amazon on Friday announced it has agreed to acquire the vacuum cleaner maker iRobot for approximately $1.7 billion, scooping up another company to add to its collection of smart home appliances amid broader concerns from anti-monopoly and privacy advocates about Amazon's market...

What Equifax’s credit score errors mean for consumers

Aug. 05, 2022 08:11 AM EDT

Equifax, one of the three major credit bureaus, announced that a computer coding error resulted in the miscalculation of credit scores for consumers in a three-week period between March 17 and April 6. For 300,000 consumers, the error shifted credit scores as much as 25 points. The changes to...

New crypto oversight legislation arrives as industry shakes

Aug. 03, 2022 17:32 PM EDT

WASHINGTON (AP) — After 13 years, at least three crashes, dozens of scams and Ponzi schemes and hundreds of billions of dollars made and evaporated, cryptocurrencies finally have the full attention of Congress, whose lawmakers and lobbyists have papered Capitol Hill with proposals on how to...

NY fines Robinhood Crypto $30M for skirting banking rules

Aug. 02, 2022 12:24 PM EDT

NEW YORK (AP) — The crypto division of the online brokerage Robinhood will pay a $30 million penalty to New York state for failing to comply with regulations governing money laundering and cybersecurity, the state's Department of Financial Services announced Tuesday. The department...

JetBlue is buying Spirit for $3.8 billion after bidding war

Jul. 28, 2022 18:30 PM EDT

JetBlue Airways is buying Spirit Airlines for $3.8 billion in a deal that could increase competition at the top end of the U.S. airline industry while eliminating the largest discount airline for travelers on a tight budget. The agreement announced Thursday capped bidding war that...

Gov't: US Bank workers opened fake accounts for sales goals

Jul. 28, 2022 16:42 PM EDT

NEW YORK (AP) — For more than a decade, US Bank pressured its employees to open fake accounts in their customers' names in order to meet unrealistic sales goals, the Consumer Financial Protection Bureau said Thursday, in a case that is deeply similar to the sales practices scandal uncovered at...

Watchdog head: Fines may not stop bad behavior by companies

Jul. 28, 2022 09:16 AM EDT

NEW YORK (AP) — The head of the nation's financial watchdog is having second thoughts about how useful fines are in deterring illegal behavior in the financial industry, saying some companies have gotten so big that the money makes little difference. In an interview with The...

DOJ: Buffett company discriminated against Black homebuyers

Jul. 27, 2022 17:11 PM EDT

NEW YORK (AP) — A Pennsylvania mortgage company owned by billionaire businessman Warren Buffett's company discriminated against potential Black and Latino homebuyers in Philadelphia, New Jersey and Delaware, the Department of Justice said Wednesday, in what is being called the second-largest...