"When we are doing an investigation, we are often looking at whether a company has failed to maintain reasonable security such that they cross the line of an 'unfair practice' under Section 5 of the
Federal Trade Commission Act. But just because a company suffers a security breach doesn't meant they failed to maintain reasonable security and doesn't mean they broke the law," Brill says.
The FTC monitors compliance with the
Federal Trade Commission Act and is authorized to take action when it becomes aware of a non-complying advertisement.
The Federal Reserve has authority to examine nonbank subsidiaries for compliance with the Truth in Lending Act, the Equal Credit Opportunity Act, the Home Ownership and Equity Protection Act, the Fair Credit Billing Act, the Consumer Leasing Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Home Mortgage Disclosure Act, the Truth in Savings Act, any rules promulgated pursuant to the
Federal Trade Commission Act, and the Real Estate Settlement Procedures Act.
For instance, OCC included an explicit reference to a provision of the
Federal Trade Commission Act that prohibits national banks from engaging in practices considered unfair and deceptive.
These four federal laws provide the basics: the Sherman Act, Clayton Act, Robinson-Patman Act, and
Federal Trade Commission Act. Although all of these are generally aimed at preserving open competition, each is used to prevent and rectify a different abuse of the economic system.
Sections 45 of the
Federal Trade Commission Act (FTCA) which forbids unfair and deceptive practices in commerce.
FTC regulation of advertising is achieved primarily through the
Federal Trade Commission Act. The
Federal Trade Commission Act (FTCA) prohibits "[u]nfair methods of competition ...
Promotional product materials for foods, other than labeling, are considered advertising and regulated by the Federal Trade Commission (FTC) pursuant to the
Federal Trade Commission Act (FTC Act).
"If they say you can remove yourself by doing this and they don't, then that's false and deceptive and that's why it's illegal and violates the
Federal Trade Commission Act."
The
Federal Trade Commission Act of 1914 prohibits all "unfair methods of competition in or affecting commerce and unfair or deceptive acts or practices in or affecting commerce." (15 U.S.C.
LETTER FROM CHAIRMAN GREENSPAN ON
FEDERAL TRADE COMMISSION ACT AND UNFAIR BANKING PRACTICES