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We're now bringing you Consumer Protection information and news and wanted to let you know the status of a newly pending federal agency, the Consumer Financial Protection Agency or the CFPA.

What will the Consumer Financial Protection Agency do?

As part of President Obama's plan to overhaul the loan and credit industries, one role of the Consumer Financial Protection Agency will be to write many new rules aimed at protecting consumers in the areas of loans and credit.

President Obama has said of the agency, "The Consumer Financial Protection Agency will prevent predatory lending practices and other abuses and will ensure that consumers get clear information they can understand about financial products like credit cards and mortgages."

Arguments for the new agency say that it is desperately needed as banking regulators have not fairly protected consumers. On the other side, some argue that such an agency would increase the government's reach and limit consumers input while strangling businesses.

"It's not about protecting consumers; it's about a new government bureaucracy making decisions for us," said Rep. Spencer Bachus of Alabama on the House Financial Services Committee.

The House Financial Services Committee voted 39 to 29 in favor of the agency. The agency was not favored by Republicans and was lobbied against by banks and businesses. The votes fell closely along party lines but Democrats Walt Minnick (Idaho) and Travis W. Childers (Mississippi) voted against the bill and Republican Michael N. Castle (Delaware) was the lone Republican who supported the measure. The bill survived the first cut but not without some excisions.

The Highlights of the legislation approved to create a Consumer Financial Protection Agency:

-The Consumer Protection Agency would oversee common financial products like mortgages, credit cards, payday loans and savings account terms.

- The agency would also be in charge of implementing a law passed earlier this year by Congress that protects consumers from sudden interest rate increases on unpaid credit card balances.

-The agency would be able to ban products and practices determined to be "unfair, deceptive or abusive."

- Only banks with more than $10 billion in assets would fall under the management of the Consumer Protection Agency. Most banks and credit unions would remain under the monitor of regulators.

-Retailers are exempt but the financial institutions that offer a store-brand credit card or the institution that provides financing for those such as auto dealers would still be subject to new agency rules.

-New powers will be granted to state attorneys general to write tougher rules within their state and offer increased enforcement.

What didn't make the cut in the bill?

President Obama's administration wanted a mandate that banks offer what has been referred to as "plain vanilla" products, such as a 30 year fixed mortgage.

Another proposal that was cut was a line referring to reasonable steps to ensure that customers understand what they are buying. Democrats argued that this was simply too difficult to enforce.

We'd love to hear from you. In light of the recent banking scandals, are you in favor of an overseeing agency such as the Consumer Financial Protection Agency? Does anything impress you that you've heard so far? On the other hand, does anything about this new agency scare you?

We hear about product recalls that either scare us to death or simply annoy us. But how can we know about recalls that aren't so "famous" but that do affect us? Find out the best ways to be an informed consumer, one that knows what products are being recalled and are unsafe to use.

We are a nation of shoppers, whether we hit the mall, shop on-line, trade in our old vehicles or update our appliances, even in this sluggish economy, we are buying products. Gifts for baby showers, accessories for dorms, you name it and Americans are buying it. We hear about product recalls that either scare us to death or simply annoy us.

In recent years there have been recalls on blinds after 3 deaths, recalls on women's robes after 6 deaths, an FDA warning to stop using Hydroxycut immediately and groceries from peanut butter to Nestle Toll House Dough have been pulled off of the shelves. How can consumers stay on top of product recalls? Where you can go to find consumer protection information on products that have been recalled?

Don't Toss that Card:

One way to get on a recall list is to fill out the warranty or registration card that comes with many products from high chairs to electronics to children's toys. By mailing in the card or registering on-line, you can increase the chances of being alerted if there is a recall on your product. Of course, if you move, change phone numbers or e-mail addresses, this makes it more challenging to get alerts to you.

Where to find out about Product Recalls: parents.com (Parent's magazine)

Parents are often the most anxious about product recalls for their baby equipment, gear, toys and clothing. No parent wants his or her baby riding in an unsafe car seat or playing with a toy with that has a choking hazard. Parent's magazine diligently covers baby and children recalls and offers an easy to use and updated product recall section on their web site.

Currently you can search for a specific product, look at their list of the Biggest Recalls of 2008, check the most recent recalls or check out products by category like strollers, car seats, cribs and swings.

Most Recent Recalls include:

Bugaboo Bee Strollers
Step2 Play Up Gym play sets
Trampolines
Sit'n'Stroll Child Restraint Systems
Cumberland Outfitters Girl's Hooded Sweatshirts

Where to find out about Product Recalls: recalls.gov

Federal agencies are working together to bring the information on federal product recalls at recalls.gov. Those agencies include the Consumer Product Safety Commission (CPSC), National Highway Transportation Safety Association (NHTSA), the United States Coast Guard (USCG), the Federal Drug Agency (FDA) and the Environmental Protection Agency (EPA). This site of course is covering important product recalls but is limited to federal government recalls including:

Motor vehicle recalls
Food recall
Boat recalls
Medicine Recalls
Environmental Product Recalls
Cosmetic Recalls
Consumer Product Recalls

Consumers can access information on the recalls.gov website a couple of different ways. There are tabs for the specific areas covered such as Motor Vehicle Recalls or Food Recalls. Additionally, you can view Recent Recalls or search for specific product recalls. Information is available in Spanish as well as English.

Want to find out about potential car manufacturer recalls or problems before a recall? Now you can.

The ODI is the Office of Defects Investigation. As of September10, 2008, the ODI website was modified to make EWR, or Early Warning Reports public.

Following the Firestone tire recall, Congress approved a bill for EWR. Manufacturers have been required to submit Early Warning Reports since 2003 however this information was kept confidential. Now it is available to consumers through the ODI website.

Consumers can learn hear about potential problems and safety concerns including any fatalities reported by car manufacturers.

Finding out about Product Recalls: recalls.gov

Six federal agencies work together to share the information on federal product recalls at recalls.gov. Those agencies include the Consumer Product Safety Commission (CPSC), National Highway Transportation Safety Association (NHTSA), the United States Coast Guard (USCG), the Federal Drug Agency (FDA) and the Environmental Protection Agency (EPA). This site of course is covering important but limited products including:

Motor vehicle recalls
Food recall
Boat recalls
Medicine Recalls
Environmental Product Recalls
Cosmetic Recalls
Consumer Product Recalls

Remember that this website will cover recalls that have been recalled by the federal government and is not all-inclusive.

You can access information on the recalls.gov website a couple of different ways. There are tabs for the specific areas covered such as Motor Vehicle Recalls or Food Recalls. Additionally, you can view Recent Recalls or search for specific product recalls. Information is available in Spanish as well as English.

You may be surprised by the number and variety of recent recalls including:

Directors Chairs
Diving Equipment
Replacement Torch Fuel Containers
Car seats
Pressure Washers/Air Compressors
Diving Masks
Wooden Toys
Children's Toys, Purses, Pen Cases

You are part of the consumer protection process!

Don't ever forget that you the consumer are part of the consumer protection process and should always report any safety hazards, safety risks or malfunctions that you discover with any product to the manufacturer and or the Consumer Product Safety Commission.

You may have noticed our new and improved page look, but it's more than just a new look that is coming to IdentityTheftSecrets.com. Find out what is new around here and how we plan on bringing you even more important protection information than ever before!

Since 2005 IdentityTheftSecrets.com has been providing you with helpful articles on real life stories of identity theft, identity theft protection interviews, tips and prevention and protection techniques and tools. We have even been able to share with our readers how not even an identity theft site writer can be safe from email scam invitations or virus software on our computer, but hopefully our readers have learned from our experiences as much as we have learned from theirs, which they share then email and comments on our site.

Quite often our identity theft protection and prevention information has helped us all be smarter shoppers, especially online as well as learn how to protect our credit and our credit cards. We are now taking the assistance one step further and in addition to helpful identity theft information, prevention and protection articles we will be offering our readers even more consumer protection information. Our articles will now start to include product information, shopping scams, product recalls, consumer protection information, new consumer laws and how they could affect you and consumer rights and remedies.

We are excited about this new direction and most of all we hope that our broadening of our article horizons will help our readers not only with identity theft protection, but also in becoming an all around more savvy and knowledgeable consumer.

Some topics to look forward to in the future:
Product recalls
Consumer rights and remedies
Safer shopping
Moving rights and remedies (did you know there is actually a hostage negotiator for moving situations?) And many more topics.

But most of all we want to know what topics are important to you as a consumer and what would you like to know more about?

Do you have a topic you would like to see explored? Do you have concerns about any particular consumer topic that you would like explore? If so feel free to submit the topic in the form provided or leave it in your comments.

Right on the heels of the FBI fraudulent e-mail scam, has comes a huge wave of e-mail attacks that have resulted in some e-mail customers being denied access to their e-mail accounts.

This weekend Microsoft learned that several thousand Windows Live Hotmail customer's personal information was exposed on the internet. This wasn't simply an error and Microsoft assures customers that this was not an internal breach in security. Around thirty thousand e-mail customer's information was posted on a third party site and is considered to be the result of a phishing scheme. Microsoft immediately requested the removal of this private information and began and investigation. Google says that less than five hundred email accounts were actually affected by the phishing attacks.

If you have an MSN, hotmail or live.com e-mail account, you should change your password immediately. You may find that you cannot log in to your e-mail account. This is not the result of the scam but rather Microsoft is closing exposed accounts and only letting users back in after they can verify their information. This is no doubt a hassle but seems a necessary step to keep just anyone from accessing your account.

Neowin.net, a technology blog, is reporting that the phishing attack may have also included gmail, AOL, Comcast and earthlink. It sounds like it is a good time for everyone to create new passwords, regardless of your e-mail carrier.

What is a phishing scheme?

A phishing scheme is a when a hackers goes "fishing" for personal information by sending out either random or targeted e-mails. Phishing schemes may mimic someone you think you should trust such as your bank. Tell tale signs include scare tactics like "There is a breach in your account. Please verify your password by entering it here," or the irresistible good news that "you've won a prize" or "the lottery if only you'll enter your account information here so you can claim it." Phishing e-mails often contain misspellings or grammatical errors as they are often originated outside of the United States in Russia or China, although certainly not always.

How can I avoid being the victim of a phishing scheme?

-Install and regularly update security software and anti-virus software
-Change passwords at least every 90 days
-Don't open suspicious or unsolicited e-mails
-Even when you know the sender, be wary of links

What can I do if I think I've been a victim of a phishing scheme?

-Report the incident to the authorities

Use spam@uce.gov to report it to the Federal Trade Commission.
Use reportphishing@antiphishing.org to report it to the Anti-Phishing Working Group.

-Change all passwords
-Review you credit reports
-Check bank and other statements carefully
-Update security software
-If you know you've leaked specific information, such as your credit card number, contact the company immediately to change account numbers and passwords.
-If a real institution was imitated, such as a bank, e-bay, the Better Business Bureau, the FBI or Pay Pal (all real examples of names used in phishing schemes) contact the institution directly to report the scam.
-If your problem is with Microsoft, you can all the Microsoft PC hotline at 1-866-PCSAFETY

Phishing scams seem to be on the rise so don't let your guard down. Many fraud nightmares begin with the simple click of a link on an unsuspicious e-mail.

Phishing e-mails and e-mails scams aren't new. Unfortunately, they are getting even more sophisticated and successful. Why? Despite the growing awareness of phishing scams and computer viruses from e-mails that link to malware, scammers are becoming even better salesmen.

The first phishing scams that circulated were really just too good (or too bizarre) to be true for most readers. You remember the e-mail hoaxes that involved an African prince who wanted to share his great wealth with you if only... you would send your banking account numbers.

Art Manion, a top vulnerability analyst for CERT, a Carnegie Mellon University internet emergency response group, scammer's tactics are just getting better. Manion says,

"Today, the e-mail looks like it's from my bank or my company, with better grammar, more believable stories, and better URLs."

The more recent and well-publicized e-mail phishing hoaxes involved Pay Pal, the Better Business Bureau and e-bay. Now the FBI is involved. The FBI isn't just involved in investigating the e-mail hoax; the FBI name is being used to run the e-mail hoax.

What to Look for in the FBI Fraudulent E-Mails:

Remember that curiosity killed the cat and it can kill your computer too. Do not be tempted to open any of these e-mails or click on any links just "to see" if it is part of a hoax.

There are currently three new fraudulent e-mails circulating that involve the FBI name. The three known hoax e-mails headings are:

* One claims to be "Intelligence Bulletin No. 267" with a report titled "New Patterns in Al-Queda Financing"

* Another claims to be from the Department of Homeland Security and the FBI Counterterrorism Division with the title "New Usama Bin Laden Speech Directed to the People of Europe"

* A third claims to contain an FBI Intelligence Bulletin from the Weapons of Mass Destruction Directorate titled "New DHS Report"

The fraudulent e-mails contain important looking "Handling Instructions" but like many e-mail scams, the messages contain spelling mistakes and grammar errors.

Important Information from the FBI about e-mails:

The FBI wants citizens to know that it does not send unsolicited e-mails or email official reports.

Do not click on any links associated with the above-mentioned e-mails. They are hoax that may contain viruses or malware.

Where can you file a complaint if you have been the victim of an internet crime?

If you have been a victim of Internet crime, you can file a complaint at www.IC3.gov.

Why should you report suspicious e-mails?

Never assume that officials already know and that you're information isn't important. Scammers constantly change up messages so each report is important.

Reporting scams can help to stop current hoaxes and protect others from becoming victims.

Reporting helps programmers improve and update security measures and security software to prevent future phishing attacks.

If you are targeted and unsuspectingly open a phishing e-mail remember these crucial internet safety rules:

Never give out your:
Address
Phone number
Birthdate
Social Security number
Account Numbers
Passwords

Maybe it happens in the movies, but you can be sure that the FBI or the Department of Homeland Security isn't reaching out to you, at least no by e-mail. Don't let curiosity make you a victim of internet fraud or identity theft