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Posted Date: Tuesday, November 7, 2023
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. Read on »
Posted Date: Friday, November 3, 2023
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. Read on »
Posted Date: Friday, October 20, 2023
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. Read on »
Posted Date: Friday, October 13, 2023
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.” Read on »
Posted Date: Tuesday, October 3, 2023
With
the midnight deadline looming, Congress passed an 11th 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 »
Posted Date: Tuesday, October 3, 2023
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.” Read on »
Posted Date: Friday, July 28, 2023
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.
Read on for more details. Read on »
Posted Date: Tuesday, July 11, 2023
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 »
Posted Date: Tuesday, July 11, 2023
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 »
Posted Date: Friday, July 7, 2023
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 »
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