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There’s a Push to Ban Junk Fees. Does It Affect Credit Card Surcharging?

Stax

In 2023, the FTC under Chair Lina Khan drafted a rule that would ban junk fees , but whether the FTC moves forward with this rule after the November 2024 presidential election is in question. The Minnesota law will go into effect on January 1, 2025. Other states are likely to consider drip pricing legislation in 2025 and beyond.

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How to Secure API Integrations in Fintech Platforms

Fintech Weekly

The FTC requires financial institutions to encrypt user data but doesn’t specify which cryptography standards to use. Consider hiring a penetration tester or third-party auditing firm to assess your platform’s API security regularly. Encryption is the first step.

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FTC Seeks Input On Identity Theft Prevention Rules

PYMNTS

In a press release , the FTC said that it periodically reviews all of its rules and guidelines and wants comment on whether any modifications need to be made to the Red Flags Rule and the Card Issuers Rule. It was the third biggest complaint area for the first three quarters of this year, noted the FTC.

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MAS, National Bank of Cambodia Launch Financial Transparency Corridor for SMEs

Fintech News

The Monetary Authority of Singapore (MAS) and the National Bank of Cambodia (NBC) have inaugurated the Financial Transparency Corridor (FTC) initiative to enhance financial cooperation between the two countries, particularly for small and medium-sized enterprises (SMEs).

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FTC Settles With Two Websites Over Lack Of Consumer Data Security

PYMNTS

Two consumer websites have settled with the Federal Trade Commission (FTC) over allegations that they did not secure consumers’ data, allowing hackers to breach both sites. As part of the settlement with the FTC, i-Dressup and its owners have agreed to pay $35,000 in civil penalties, and are prohibited from violating COPPA.

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FTC Expected To Reveal Details Of $5B Facebook Fine

PYMNTS

The FTC voted 3-2 in favor of a settlement with Facebook, and a Republican majority supported it, while the Democratic commissioners objected to it. The company already has an internal privacy team, and in 2011, it allowed for its privacy practices to be assessed by PricewaterhouseCoopers.

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Retailers Ask FTC to Explore Legality of PCI Rules

Payments Source

The National Retail Federation wants the Federal Trade Commission to do more than merely check up on the companies that routinely assess merchants for compliance with the Payment Card Industry Data Security Standards (PCI DSS).

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