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The complexity of insurance contracts places the average consumer at a disadvantage in the marketplace. This is especially evident in homeowners and automobile insurance.
Other financial services issues covered in this section of the Policy Book include credit discrimination, scams and fraud, cashless businesses, and financial capability.
Credit discrimination historically has been and continues to be a pervasive problem in the U.S.
Criminals are increasingly targeting older adults for fraud using a variety of financial products and services such as gift cards, electronic payments, wire transfers, and cryptocurrencies.
As fewer customers use cash, some stores have moved away from accepting cash payments. Some stores have said that handling cash is burdensome or unsafe.
Financial capability is the ability to make informed decisions about the use and management of money.
Affordability, accessibility, supportive services in housing, and fair housing make up the bulk of this chapter.
Fair, equitable, and affordable financial products and services are essential to helping people and communities build and maintain wealth.
Federal, state, and local consumer protection agencies all have a role in safeguarding consumers against fraud, deception, and unfair practices.
Individuals need access to the banking system and credit to be able to save and invest. It is essential for financial independence.