FTC

Regulation by enforcement has not been a major concern for the financial industry since former Consumer Financial Protection Bureau (CFPB) Director Richard Cordray’s departure in November 2017.

However, the term was broached regarding a recent settlement by another federal agency – the Federal Trade Commission (FTC).

Find out why commissioners dissented from two charges levied against an online lender as a result of “regulatory overreach.”

Former Consumer Financial Protection Bureau (CFPB) Director Richard Cordray and Rohit Chopra, who serves on the Federal Trade Commission (FTC), were the keynote speakers during the University of Michigan’s two-day Consumer Protection in an Age of Uncertainty forum.

They offered warnings about the potential negative consequences to law-abiding businesses and consumers resulting from the loosening of federal consumer protection policies.

Find out more about their takes on the current state the regulatory environment.

The Federal Trade Commission (FTC) recently proposed to amend a pair of rules promulgated under the Gramm-Leach Bliley Act (GLBA) that would bring broad new requirements for financial institutions to protect the privacy and security of the customer information they hold. Both proposals are intended to align the FTC’s interpretations of the rules with those of other agencies.

In separate notices of proposed rulemaking, the FTC is seeking comments on proposed changes to enhance the effectiveness of the federal Safeguards Rule and the Privacy Rule, both of which implement portions of the GLBA.

Find out more details about the proposed amendments and what feedback the FTC is seeking.

Recognizing that phishing is an ever-growing cybersecurity threat, the American Bankers Association (ABA) and the Federal Trade Commission (FTC) released an infographic designed to highlight the impact it is having on consumers and the financial industry.

The infographic offers advice for how people can identify potential scams, how to protect themselves against phishing attempts and how to notify the proper authorities if they suspect such an attempt.

Read on to get more details about phishing attacks and methods to avoid being victimized.

A debt-relief scam that deceived 10,000 people out of $23 million through illegal robocalls recently was thwarted by the Federal Trade Commission’s (FTC) Bureau of Consumer Protection, working in conjunction with the state of Florida.

Telemarketers used unfair or deceptive acts or practices to convince consumers they could help them lower or eliminate their credit card debt but, in practice, the service they were offering had the opposite effect.

Find out more details about the case.

A company’s failure to improve its anti-fraud and anti-money laundering (AML) program in accordance with a 2012 deferred prosecution agreement (DPA) led to a $125 million penalty ordered by the Department of Justice.

The company also agreed to pay the same sum to settle similar contempt allegations filed in 2009 by the Federal Trade Commission (FTC).

Find out more details about the charges against the company.

The Federal Trade Commission (FTC) recently voted 5-0 to propose a rule that would require national consumer reporting agencies to offer free electronic credit monitoring services to active duty military members, implementing a provision of the Economic Growth, Regulatory Relief, and Consumer Protection Act.

The rule would require consumer reporting agencies to notify active duty military members within 24 hours of any “material” additions or modifications to their credit files.

Read on to learn more details.

Charged with running deceitful advertisements about the money-saving potential of its services, online student loan refinancer Social Finance, Inc. agreed to stop making such misrepresentations in a settlement with the Federal Trade Commission (FTC).

Given that the FTC does not have the authority to force companies to pay a civil money penalty, one commissioner suggested that the agency could achieve “better results” by partnering with regulatory bodies who have such authority – something it has done on multiple occasions. 

Find out more details about the charges and what the agency is encouraging other lenders to do to avoid similar actions.

Parties connected to a debt collection operation were charged with tricking consumers into paying more than they owe and have been sued by the Federal Trade Commission (FTC) and the New York Attorney General’s (NYAG) office.

The FTC does not have the statutory authority to seek redress for harmed consumers but the NYAG does under New York state law and exercised it in this case.

Find out more details about the case.

The Federal Trade Commission (FTC) recently decided to publish its aggregated consumer complaint data quarterly in an effort to make the information more accessible.

As part of the initiative, the agency also launched its first Consumer Protection Data Spotlight to provide in-depth insight about consumer complaint stories.

Find out more about the FTC’s initiative and what insight the data revealed.