The Federal Trade Commission should look into whether Amazon’s failure to secure its services “constitutes an unfair business practice,” which would violate federal law, Sens. Elizabeth Warren and Ron Wyden wrote the agency's chairman.
Regulators have long warned the credit bureaus about deceptive marketing that causes consumers to sign up unwittingly for paid monitoring services. But the practice has persisted, according to complaint data.
The Massachusetts Democrat is questioning a claim by the agency about the amount of redress available to those affected by the credit bureau's 2017 data breach.
A Fed team toured an Amazon facility at about the same time Capital One’s data was hacked; House oversight members want answers from the CEOs of the two companies.
The agreement with authorities including the Federal Trade Commission and state attorneys general — and possibly the Consumer Financial Protection Bureau — may be announced as soon as Monday.
In a state where laws are unusually favorable to high-cost business lenders, taxi drivers are not the only small-business people getting trapped in loans they can't afford to pay back. The question is, what are policymakers going to do about it?
The Federal Trade Commission accused the online lender of numerous violations in connection with its loan servicing practices. In one example, Avant allegedly informed customers that they could make payments by credit card or debit card but then refused to accept such payments.
The proposed rollback of underwriting requirements for small-dollar lenders could redefine a legal doctrine that governs rules affecting other companies as well.
The watchdog’s report — requested by Sen. Elizabeth Warren, D-Mass., and Rep. Elijah Cummings, D-Md. — called for civil money penalty authority and better supervision to guard consumer data.
