Ticker: Ford Explorer SUVs face recall; Transaction-declined fees targeted

Ford is recalling nearly 1.9 million Explorer SUVs in the U.S. because a trim piece can fly off and create a hazard for other drivers.

The recall covers Explorers from the 2011 through 2019 model years.

Documents posted Wednesday by the U.S. National Highway Traffic Safety Administration say that clips holding the trim that covers the roof supports close to the windshield can come loose.

If that happens, the trim piece can fly off and increase the risk of a crash.

The recall comes after U.S. regulators opened an investigation into the problem last January after receiving 164 consumer complaints. Canadian regulators also inquired about the problem.

The notice encouraged owners to contact dealers for an inspection when parts are available.

Transaction-declined fees targeted

The Biden administration proposed banning another type of bank “junk fee” on Wednesday, targeting fees that are typically charged by banks when a transaction is declined in real time.

It’s the second major proposal by the Consumer Financial Protection Bureau over fees that Americans sometimes run into when they bank, following the bureau’s announcement that it plans to reduce overdraft fees to as little as $3.

The CFPB’s proposal focused on a narrower set of transactions: when a customer tries to withdraw money, send a payment immediately, or make a purchase, and that transaction is declined at the time of the transaction due to lack of sufficient funds. The CFPB used the example of a customer trying to buy $100 in groceries with $90 in their bank account, and the transaction is declined at checkout.

Documents say that at first Ford decided against a recall, citing the low mass of the part. But the company decided to do the recall after U.S. regulators determined the problem was a safety hazard.

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