Federal Trade Commission (FTC)

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If you use the internet, you have probably encountered at least one of the scams con artists use to bilk victims. There’s “catfishing” and other online dating fraud, where scammers use fake identities to woo victims into sending money. There’s also “grandparent scams,” where typically elderly victims are tricked by those posing as his or her grandchild into sending money for a faux emergency. Cryptocurrency’s recent rise in popularity has seen fraudsters put a twist on the old scams and come up with a new one: cryptocurrency investment schemes. And the Federal Trade Commission and state AGs are taking steps to put the public on notice and minimize consumer harm on this new twist.

On May 12, the Senate Commerce Committee voted overwhelmingly to move forward with Lina Khan’s nomination to the Federal Trade Commission (FTC), which suggest that Khan is likely to be confirmed as an FTC commissioner by the full Senate. Khan has been a critic of big tech and advocate of competitive markets, as we previously discussed here.

On April 20, members of the Federal Trade Commission (FTC) testified before the Senate Commerce Committee to update lawmakers of their efforts to curtail scams and other fraudulent consumer abuses related to the novel coronavirus (COVID-19). In addition to highlighting the abuses consumers have faced during COVID-19, the FTC reiterated its call for Congress to pass legislation reaffirming that the agency has authority to prohibit unlawful conduct and seek monetary relief for consumers who have lost money from illegal conduct. The FTC has historically relied on Section 13(b) of the Federal Trade Commission Act to prohibit illegal conduct and secure monetary relief for consumers, but the Supreme Court ruled two days after this testimony that the agency does not have authority under the Federal Trade Commission Act – Section 13(b) to seek, nor a court to award, equitable monetary relief, such as restitution or disgorgement.

The Federal Trade Commission (FTC) is acting swiftly to restore its authority to obtain consumer redress under Section 13(b) of the FTC Act after the Supreme Court’s recent decision in AMG Capital Management, LLC v. FTC, discussed in our blog post here, rejecting the agency’s longstanding position that Section 13(b) authorizes monetary remedies.

Additional authors: Robin P. Sumner and Samuel D. Harrison

On April 22 the Supreme Court held in AMG Capital Management, LLC v. FTC[1] that the Federal Trade Commission (FTC) does not have authority under the Federal Trade Commission Act Section 13(b) to seek, nor a court to award, equitable monetary relief, such as restitution…

Beam Financial, Inc. (Beam), a mobile banking app, will be banned from offering any service that may be used to deposit, store, or withdraw funds, and must give a full refund to users as part of a settlement with the Federal Trade Commission (FTC). It also is prohibited from misrepresenting the interest rates, restrictions, and…

While the debate continues about whether the Federal Trade Commission (FTC) has the authority to make rules governing antitrust or competition law issues, on March 25, Acting FTC Chair Rebecca Kelly Slaughter announced the creation of a new group focused, in part, on new rules to prohibit unfair or deceptive practices and unfair methods of…

On March 25, the Federal Trade Commission (FTC or Commission) released an article reflecting on its work in 2020. The following are some of the most notable actions of the FTC in 2020:

  • The Commission launched a new website, where consumers can report scams and frauds.
  • A new initiative, called the Community Advocate Center,

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On March 22, President Joe Biden announced his intent to nominate Lina Khan to be a commissioner of the Federal Trade Commission (FTC). Khan is an outspoken critic of big tech and a former legal advisor to FTC Commissioner Rohit Chopra, Biden’s nominee to lead the Consumer Financial Protection Bureau (CFPB). Khan’s anticipated nomination again…

Over the past several years, the Democratic commissioners of the U.S. Federal Trade Commission (FTC) have made clear their dissatisfaction with the agency’s historic treatment of pharmaceutical mergers. Now, it appears that the FTC has launched a process aimed at changing the way in which such transactions are analyzed and ultimately resolved.

Past dissenting statements…