White House announces campaign to educate consumers
Credit.com - The Obama administration has announced the creation of National Consumer Protection Week in an effort to educate Americans of all ages about money management and protection.
The campaign runs March 7 to 13 and features an array of online resources about identity theft, understanding credit and mortgages, avoiding credit card fraud and more. Titled, "Dollars & Sense: Rated 'A' for All Ages," the event is aimed at children, retirees and everyone in between. In his proclamation, President Barack Obama stressed the role of parents and educators in fostering financial literacy at a young age.
"Giving Americans of all ages the resources they need to make wise buying decisions is the responsibility of Federal, State, and local consumer protection agencies, private sector organizations, and consumer advocacy groups," Obama said.
The Federal Trade Commission, United States Postal Workers, AARP and Federal Deposition Insurance Corporation are among the organizations involved in the campaign. Resources include safe driving information, lists of consumer laws and tips on investing wisely. Children can navigate a virtual mall to learn about how advertising affects their decisions. The website is available in Spanish.
Videos about identity theft and phishing scams offer advice on how consumers can protect their personal information.
In an earlier effort to protect consumers, Congress passed the Credit Card Accountability, Responsibility and Disclosure Act last spring to prohibit unfair lending practices. The law requires that credit card issuers provide 45 days' advance notice before increasing interest rates, terms or fees. It also prohibits people under 21 from applying for cards.
The third wave of the law, effective this summer, will require lenders to review rate increases made since January 2009. The Federal Reserve Board recently announced a proposal that would also prevent credit card companies from charging late or overdraft fees larger than the dollar amount of the violation.
