FTC

In a move aimed at bolstering data security within the financial sector, the Federal Trade Commission (FTC) greenlit an amendment to its Safeguards Rule, requiring nonbank financial institutions to report data security breaches to the agency.

The amendment also will lessen the number of affected customers requiring a breach to be reported and impose a shortened time frame for reporting such a breach to the FTC.

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The Federal Trade Commission (FTC) and the state of Wisconsin took action against an auto dealer group for allegedly charging illegal hidden fees and discriminating against Native American customers. The first charge aligns with the FTC’s recent joint statement with the Consumer Financial Protection Bureau to root out practices involving illegal “junk” fees charged to consumers.

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The Federal Trade Commission has reached a settlement with the now-bankrupt cryptocurrency company Voyager and filed a lawsuit against the former CEO, Stephen Ehrlich, over false marketing claims.

Upon the company’s bankruptcy, consumers were locked out of their accounts for over a month and lost a significant amount of consumers’ crypto assets.

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Asserting that charging consumers excessive fees to obtain information about their own accounts violates consumer protection laws, the Consumer Financial Protection Bureau issued an advisory opinion generally prohibiting the practice among large financial institutions.

The bureau shared its opinion the same day the Federal Trade Commission announced a proposed rule banning large banks and credit unions charging so-called “junk fees.”

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With the midnight deadline looming, Congress passed an 11^th hour spending bill led by House Speaker Kevin McCarthy (R-Calif). The measure provides federal funding through Nov. 17, at which point new legislation will be required to keep the government up and running. Read on »

Efforts to protect workers against unfair and deceptive acts and practices within the U.S. labor markets are being bolstered through a new memorandum of understanding between the Federal Trade Commission and the U.S. Department of Labor.

Under the newly signed agreement, the two agencies will collaborate on policymaking and enforcement activities pertaining to issues facing competition in the U.S. market, such as labor market concentration, one-sided contract terms and labor developments in the “gig economy.”

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In a policy statement on the use of biometric information and how it relates Section 5 of the Federal Trade Commission Act, the Federal Trade Commission (FTC) stated concerns about “deep fakes,” fraud, and discrimination as these technologies become more widespread.

Without clear disclosures and meaningful choice for consumers, the FTC stated consumers are afforded very few ways to avoid the risks or unintended consequences.

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The Federal Trade Commission (FTC) announced it finalized an updated version of its Endorsement Guides, which provide agency guidance to businesses and others to ensure that advertising with reviews or endorsements are compliant with federal law and regulations. This finalized version incorporated public comments received after the FTC’s May 2022 request for public comment. Read on for more details. Read on »

President Joe Biden announced his nominees to fill the two vacant Republican seats of the Federal Trade Commission. The nominees are the current solicitors general of Virginia and Utah. Read on for more details. Read on »

The Federal Trade Commission (FTC) granted a joint motion from all parties postponing the start of the commission’s administrative hearings on the proposed acquisition of Black Knight by Intercontinental Exchange. The delay was granted to allow time for the U.S. District Court for the Northern District of California to rule on a motion by the FTC seeking a temporary restraining order and preliminary injunction to halt the acquisition until after the administrative hearing has concluded. Read on for more details. Read on »