White House proposes new law to crackdown on chatbots and automated recordings
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The Biden Administration announced on Monday that it would be proposing a new set of rules meant to save consumers both time and money, in the aptly named government-wide effort, “Time and Money.” While the new measures seem to touch on a number of industries and practices, including ease of access for members to cancel subscriptions as easily as they sign up for them (i.e. not requiring them to cancel in person, on the phone, or via mail if they can sign up online), requiring airlines to automatically refund tickets when a flight is changed or canceled, and the ability to submit health insurance claims online, it also laid out new rules that could potentially affect credit unions.
This move is the latest in the Biden Administration’s attempts to ease the burden of consumers and put more money back in their pockets, following on the heels of its new regulations on “junk fees” and proposed credit card late fee limits.
“In addition to robbing hardworking families of their valuable time and adding frustration to our daily lives, these hassles cost us money. When, after endless hours on hold or piles of incomprehensible paperwork, we give up pursuing a service, rebate or refund we’re due, we take a hit to our pocketbooks, and companies profit,” the Administration wrote.
The new efforts will be put into place over the next few months. Of the seven proposed rules, three specifically reference financial institutions and/or have the potential to impact credit unions, specifically:
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