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After a payday lender allegedly left consumers to pay more than promised by drawing continued interest-only deductions, the Federal Trade Commission (FTC) has charged a lending operation with overcharging customers and taking money from their bank accounts without authorization. Lead Express, Inc.; Sea Mirror, Inc; Naito Corp.;
The Federal Trade Commission wants changes to the FTC Act that would allow it to provide better protection to consumers and increase competition. The FTC provided written testimony by FTC Chairwoman Edith Ramirez and Commissioners Maureen K. The testimony estimated that the agency has saved consumers over $3.4
Federal Trade Commission (FTC) is eyeing tighter scrutiny of small business lending practices as Commissioner Rohit Chopra calls on the regulator to combat predatory SMB loan contracts, reports in Bloomberg said on Wednesday (May 8). Chopra spoke at an agency forum in Washington, D.C.,
While online purchasing has skyrocketed since March as the country shut down as a defense against COVID-19, so have complaints to the federal watchdog agency responsible for regulating eCommerce. The most common missing items included face masks, sanitizer, toilet paper, thermometers and gloves, the FTC said.
The Federal Trade Commission has launched an investigation into the merchant cash advance industry just days after FTC Commissioner Rohit Chopra called on the watchdog to tackle unfair small business lending practices. The FTC’s Chopra spoke at a forum in Washington, D.C. ”
A Texas operator of several payment processing centers has agreed to be permanently banned from the industry in order to settle charges by the Federal Trade Commission (FTC) and the state of Ohio that they unlawfully participated in scams, according to a press release. The FTC and Ohio officials filed their complaint against the trio in U.S.
The Federal Trade Commission (FTC) has requested comment on the proposed amendments of two rules that protect the privacy and security of customer data held by financial institutions (FIs). The proposed changes are related to the Safeguards Rule and the Privacy Rule under the Gramm-Leach-Bliley Act.
Facebook CEO Mark Zuckerberg wrote an opinion piece in The Washington Post calling on regulators to take a “more active role” in making rules for how to police the internet, according to reports. “By It’s common for states to work with federal agencies including the FTC and Justice Department when looking into potential misdeeds.
The FTC is aiming to gauge how much consumers understand about buying and financing a car. “The The FTC received 17 comments in response to that notice that were addressed in the FRN. The FTC said the report looked specifically at Big Data at the end of its lifecycle and how it was used and analyzed once it was collected.
As a former Obama nominee, Brill previously served as a commissioner for the FTC since 2010. In addition to Brill’s former government experience, Brill served in North Carolina and Vermont’s Department of Justice in their ConsumerProtection and Antitrust divisions.
LendingClub , the online lender that was once a favorite of Wall Street investors, saw its stock hit a record low on Wednesday (April 25) after it faced allegations by regulators in the U.S. As a result of the FTC complaint, Bloomberg noted the online lender’s stock fell 14 percent to $2.80 a share, off 32 percent so far this year.
The FTC is cracking down on robocall telemarketing businesses, announcing last week it cracked down on two such companies that have been making robocalls to consumers that have been on the National Do Not Call Registry since 2012 or even earlier. and FTC v. The FTC’s litigation against them is ongoing as well.
Friday (June 3) saw the FTC issue an official comment to a request from the Department of Commerce’s National Telecommunications and Information Administration (NTIA) in response to the latter agency’s call for interdepartmental conversation on the potential benefits and drawbacks of governmental guidance for the growing IoT space.
The Federal Trade Commission (FTC) revealed details about its recent testimony before the U.S. Senate Subcommittee on Antitrust, Competition Policy and Consumer Rights. Hoffman added that the commission has held its own hearings on competition and consumerprotection topics over the last year.
Rosen said law enforcement could look into privacy, consumerprotection and other areas throughout its investigations. As reported by Reuters, FTC Chair Joe Simons said the Technology Enforcement Division (known as TED for short) has been focusing its investigations into other companies. “We
She noted that FTC has brought more than 30 actions to enforce the FCRA against consumer reporting agencies, users of consumer reports, and furnishers of information to consumer reporting agencies.
In an age where consumerprotection is paramount, the Federal Trade Commission’s (FTC)proposed “click to cancel” provision marks a significant shift in the subscription business landscape.
In an age where consumerprotection is paramount, the Federal Trade Commission’s (FTC)proposed “click to cancel” provision marks a significant shift in the subscription business landscape.
The creation of regulation and development guidelines, which have the potential to foster the creation of safer, more secure products, is a tall order. Consumers in the driver’s seat. “It’s It’s a completely different thing to a consumer when you don’t secure my private information. Data Ethics By Design”.
It would also give enforcement authority to the Federal Trade Commission (FTC). Consumer Watchdog pointed out that Facebook’s latest breach violates its 2011 consent decree with the FTC, adding that the social media giant should be fined.
In parallel with growing market adoption of surcharging, more states have considered and enacted surcharging legislation, often with the stated goal of standardizing surcharging and ensuring consumerprotection. In 2024 alone, more than a dozen state legislatures introduced bills related to surcharging and consumer fees generally.
Regulating such a fast growing market means some trial and error, however, will be par for the course. In an interview with the Journal, Christopher Woolard, the FCA’ strategy director, said that innovation may have a tradeoff with the key to make sure that consumers are in fact not being “ripped off” – as the publication termed it.
A separate investigation by the Federal Trade Commission (FTC) is already underway. Facebook and the FTC reached a $5 billion settlement in July over issues concerning privacy. Regulators could even force the company to let go of profitable businesses like YouTube. “I as we work through this investigation.
Against a backdrop of comprehensive inquiries, the DOJ and the Federal Trade Commission (FTC) are being criticized by lawmakers for debating which agency should probe which tech company. Delrahim also cautioned that there could be competition concerns by regulators over data collected by tech companies.
Regulators could even force the company to let go of profitable businesses like YouTube. “I As attorneys general, we need to evaluate and address specific conduct, utilizing our existing antitrust and consumerprotection laws.”. Google said it works to provide choices for consumers.
Regulators could even force the company to let go of profitable businesses like YouTube. “I As attorneys general, we need to evaluate and address specific conduct, utilizing our existing antitrust and consumerprotection laws.”. Google said it works to provide choices for consumers.
The new idea being floated involves classifying marketplace lenders, who operate online and also offer smaller loans with set payments, as installment lenders that are under the CFPB’s jurisdiction and regulations. Many are also bound to reporting requirements with the SEC.
The CHOICE Act rolls back regulations that Sullivan said can pin down a community bank and prevent it from serving its function. Sullivan said the Act contained a provision that would restrict a regulator from ordering a deposit account to be closed without stating a material reason in writing.
Such practices can lead to legal and regulatory challenges, particularly if consumers are harmed or misled. Compliance with ConsumerProtection Laws: Affiliate marketers must adhere to various consumerprotection laws and regulations, such as the Federal Trade Commission (FTC) guidelines in the United States.
To ensure the smooth operation of this system and protect the interests of all stakeholders, a robust regulatory framework is in place. This article aims to provide an in-depth overview of the key regulatory organizations, payment regulations, and prevailing trends that shape payment regulation in the USA.
acquirers, they are now rejecting opt-out cross sales or negative options on payment pages due to regulatory concerns, primarily driven by consumerprotection legislation, pressure from the card brands to lower dispute rates, and the threat of legal action. It provides a simple mechanism for consumers to stop recurring charges.
The OCC outlines safety and soundness principles and appropriate risk management processes for its regulated institutions that engage in BNPL lending. BNPL in US, UK, and EU Regulators’ Sights The Consumer Financial Protection Bureau (CFPB) has been actively monitoring BNPL activity in the consumer finance marketplace for some time now.
On the basis of this fact-finding, the Commission will consider how best to address more systemic issues, including by ex ante regulation, if appropriate, to ensure that markets stay open and fair,” the paper noted. By way of example, the regulations would require a company such as Google to explain its search result processes.
Online cash advance app, Dave is feeling the heat from the Federal Trade Commission (FTC) as the regulator has taken action against it for misleading marketing. Whether the products are called cash advances, payday loans, or something else, the FTC will take action to protectconsumers from unauthorised charges and deceptive claims.”
While at the CFPB, Kraninger rolled back payday lender regulations, finalized debt collection laws and made changes to consumer finance regulations, Bloomberg Law reported. billion in consumer relief. Cordray’s CFPB secured more than $12 billion in consumer relief over more than five years.
The big tech landscape is one that continues to be populated by regulators, by disparate voices calling for more oversight, more laws, more mandates spelling out what is private and what is not. I believe it would be good for the internet if more countries adopted regulation such as GDPR as a common framework.” Landry said.
President Donald Trump, the Federal Trade Commission (FTC) has launched an investigation into the social media platform’s privacy practices, the agency said in a statement. Today, the FTC is confirming that it has an open non-public investigation into these practices.”. The news comes as U.S.
“We want to protect and serve the consumer, but also let the market work.”. Facebook's FTC Problem. The FTC is seeking an injunction in federal court that could require divestitures of assets, including Instagram and WhatsApp. He said that going after Big Tech is increasingly becoming a bipartisan issue.
Still, the breadth of topics the Dodd-Frank consumerprotection watchdog took on in 2016 was fairly impressive — even by the CFPB’s aggressive internal standards. Proponents argued that consumers need deep, rule-enshrined protections from the deprivations of the financial sector. And they are.
“The CFPB is an unaccountable bureaucracy rife with racial discrimination that churns out regulations that harm consumers, especially those with low and moderate incomes,” Jeff Emerson, a spokesman for House Financial Services Committee Chairman Jeb Hensarling, said in an email to PYMNTS. The court also offered two possible remedies.
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