The Federal Trade Commission has released its Fall 2023 rulemaking agenda as part of the Fall 2023 Unified Agenda of Federal Regulatory and Deregulatory Actions.
The majority of the rulemakings listed in the agenda are being conducted as part of the FTC’s systematic review of all of its regulations and guidelines on a rotating basis. Under the FTC’s program, rules are reviewed on a 10-year schedule. Rules currently under review include the FTC’s Identity Theft Rules, which include the Red Flags Rule, and the FTC’s Telemarketing Sales Rule.
Other rulemakings listed in the agenda relevant to consumer financial services providers are:
- Motor vehicle dealers trade regulation rule. In July 2022, the FTC published in the Federal Register a proposed rule that would impose a number of new substantive and disclosure requirements on auto-dealers in the car-buying process. The comment period closed in September 2022 and the agenda indicates that FTC staff is currently reviewing the comments. No estimated date for further action is given. (We discussed the proposal with two FTC staff attorneys in an episode of our Consumer Finance Monitor Podcast.)
- Unfair or deceptive fees trade regulation rule. In November 2023, the FTC published in the Federal Register a proposed rule targeting what the FTC refers to as “junk fees.” The comment period ends on January 8, 2024. The agenda gives no estimated date for further action. (We discussed the proposal with an FTC staff attorney in an episode of our Consumer Finance Monitor Podcast.)
- Use of prenotification negative option plans. In April 2023, the FTC published in the Federal Register proposed amendments to the FTC’s Negative Option Rule. The proposed amendments, which would expand the scope of the rule’s coverage to all forms of negative option marketing and consolidate various requirements dispersed across various statutes and regulations, include a “click to cancel” provision which would require a simple cancellation mechanism for consumers to easily cancel subscriptions by using the same method they used to initially enroll. The comment period closed in June 2023 and the agenda indicates that FTC staff is currently reviewing the comments. No estimated date for further action is given.
Click here to read our blog post about the CFPB’s Fall 2023 rulemaking agenda.