FTC

The seven-month long 2-2 split on the Federal Trade Commission (FTC) ended following the Senate’s 51-50 confirmation of Alvero Bedoya to the commission. The partisan vote gives the FTC a Democrat majority which will allow for Chair Lina Khan to begin enacting more of the administration’s agenda.

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Acting Comptroller of the Currency Michael Hsu stated that the Office of the Comptroller of the Currency (OCC) has joined the Department of Justice (DOJ) and other financial regulators in plans to change bank merger rules.

The DOJ’s Antitrust Division, along with the Federal Trade Commission, began soliciting public comment on the topic earlier this year.

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The Federal Trade Commission (FTC) has sent its annual update to the Consumer Financial Protection Bureau. In the update letter, the FTC indicated its intent to apply greater scrutiny to the lending process using the Equal Credit Opportunity Act.

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Amalgamated Financial decided to terminate its application for regulatory approval to acquire Amalgamated Bank of Chicago. In a statement from the board of directors, the inability to garner regulatory approval was cited as the reason for this termination.

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The Federal Trade Commission gave final approval to a settlement with Ascension Data & Analytics, LLC, a mortgage industry data analytics firm.

The complaint alleged the company violated the Gramm-Leach Bliley Act’s Safeguards Rule, requiring financial institutions to develop, implement, and maintain a comprehensive information security program and ensure third-party vendors are capable of implementing and maintaining appropriate safeguards for customer information.

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The Federal Trade Commission made five new appointments to agency leadership positions in its Office of Policy Planning.

These additions will work with the agency’s chief technology officer and technologists as part of an informal AI strategy group and in partnership with policy experts to provide insight and advice on emergency technology issues.

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Federal Trade Commission Chair Lina Khan appointed two to director positions in the agency – one will head the bureau of competition, and the other the bureau of consumer protection.

Both candidates had been serving in these roles in an acting capacity since June 2021. The commission votes on their appointments were unanimous.

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President Joe Biden has nominated a privacy advocate from Georgetown University’s law school to take Rohit Chopra’s seat on the Federal Trade Commission (FTC). This nomination comes at a time when the FTC has been critiqued for not doing enough to protect consumers’ data.

FTC Chair Lina Khan, also a Biden appointee, congratulated the new nominee, as did the American Economic Liberties Project.

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Federal Trade Commission acting Chairwoman Rebecca Slaughter appointed a director for the agency’s Office of Public Affairs.

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The Federal Trade Commission (FTC) provided the Consumer Financial Protection Bureau (CFPB) an annual summary on the commission’s enforcement of the Fair Debt Collections Practices Act.

The FTC summary is used in the CFPB’s annual report to Congress, and highlights the commission’s efforts to halt unfair, deceptive, and otherwise unlawful debt collection practices during 2020.

For details from the summary, read on.

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