A payment processor and its individual owner have entered into a settlement with the FTC to settle charges that they violated a 2009 federal district court order that required them to review and monitor their merchant clients to ensure that the merchants were not engaged in deceptive or unfair practices. The order is a stark
FTC
FTC Cites Need for Improvement in Compliance Reports
By Sarah T. Reise on
Posted in FTC, FTC Enforcement
Less than a week after warning subpoena and CID recipients to take their obligation to respond “seriously,” the FTC took aim at perceived inadequacies in compliance reports submitted pursuant to FTC consent orders and litigated judgments. In its March 11, 2019 blog post, the FTC’s Bureau of Competition alleges that “some Respondents are not…
Imposter Scams Top FTC’s List of 2018 Consumer Complaints
By Lindsay C. Demaree on
The FTC has issued its 2018 Consumer Sentinel Network Data Book. The report summarizes consumer complaints stored in the Consumer Sentinel Network, a secure online database.
For 2018, imposter scams top the list of reported complaint categories, accounting for 18% of the almost 3 million consumer reports summarized in the Data Book. Debt collection—which…
FTC and CFPB reauthorize MOU
By Barbara S. Mishkin on
The FTC and CFPB have reauthorized their memorandum of understanding. According to the FTC’s press release, “the agreement reflects the ongoing coordination between the two agencies under the terms of the Consumer Financial Protection Act, and is designed to coordinate efforts to protect consumers and avoid duplication of federal law enforcement and regulatory efforts.”…
FTC seeks comment on proposed amendments to safeguards and privacy rules
By Philip N. Yannella & Gina M. Pickerrell on
The FTC has proposed amendments to its 2003 Safeguards Rule and 2000 Privacy Rule, applicable to financial institutions under the Gramm Leach Bliley Act (GLBA). The proposed changes are informed by the FTC’s enforcement experience and are intended to keep pace with technological developments.
The Safeguards Rule requires financial institutions to have a comprehensive information…
FTC sends 2018 annual ECOA report to CFPB
By John L. Culhane, Jr. on
The FTC has sent its annual letter to the CFPB reporting on the FTC’s activities related to compliance with the Equal Credit Opportunity Act and Regulation B.
The FTC has authority to enforce the ECOA and Reg. B as to nonbank providers within its jurisdiction. However, like several of the FTC’s prior letters on its…
Second Circuit upholds personal liability of individual owner for payday debt collection companies’ FTCA and FDCPA violations
By Bowen "Bo" Ranney on
The Second Circuit recently upheld a decision finding two individual co-owners personally liable for nearly $11 million for their companies’ violations of the Federal Trade Commission Act (FTCA) and Fair Debt Collection Practices Act (FDCPA). The companies’ business consisted largely of collecting payday loan debts they had purchased.
In FTC v. Federal Check Processing, Inc., …
PLI 24th Annual Consumer Financial Services Institute – 25% discount available
By Alan S. Kaplinsky on
PLI’s 24th Annual Consumer Financial Services Institute will take place on March 25-26, 2019, in New York City (and by live webcast and groupcast in Philadelphia, Pittsburgh, and Mechanicsburg, Pennsylvania, and New Brunswick, New Jersey); on May 20-21, 2019, in Chicago; and on December 9-10, 2019, in San Francisco (and by live webcast).
The Institute…
FTC sets new June 11 date for workshop examining online event ticket sales
By Barbara S. Mishkin on
Posted in Federal CFS Monitor, FTC
The Federal Trade Commission announced that a planned workshop in Washington, D.C. aimed at examining consumer protection issues related to the online event ticket marketplace has been rescheduled for June 11, 2019 due to the government shutdown. (The workshop’s original date was March 27.)
The workshop will feature opening remarks by FTC Commissioner Rebecca Kelly…
FTC and Veterans Affairs announce MOA on referrals for deceptive advertising, sales or enrollment practices targeting veterans using military education benefits
By John L. Culhane, Jr. & Anthony C. Kaye on
At the end of last week, the Federal Trade Commission (FTC) and the Department of Veterans Affairs (VA) announced that they have entered into a Memorandum of Agreement (MOA) “to provide mutual assistance in the oversight and enforcement of laws pertaining to the advertising, sales, and enrollment practices of institutions of higher learning and other…