Intuit, the maker of TurboTax tax filing software, has been found to have engaged in deceptive advertising practices, according to an Opinion and Final Order issued by the Federal Trade Commission (FTC). The commission ruled that Intuit violated the FTC Act by running ads for “free” tax products and services that were not...
Frameworks come, frameworks go — and frameworks are fluid. To that end, in a hearing scheduled for Wednesday afternoon (Jan. 10) before the Subcommittee on Digital Assets, Financial Technology and Inclusion, panelists will weigh in on the ways emerging technologies and digital startups — nonbanks...
A tech lobbying group is pushing back against proposed regulations for digital wallet providers. The Computer & Communications Industry Association (CCIA) — whose members include Amazon and Meta — issued a response Monday (Jan. 8) to proposed Consumer Financial Protection Bureau (CFPB) rules for larger nonbank companies that offer...
Prosecutors in France reportedly launched a money laundering investigation that involves BNP Paribas. The Paris prosecutor’s office is looking into allegations of “aggravated money laundering” connected to transfers made by a Cyprus-based brokerage that worked with BNP Paribas’ custodian unit, Reuters reported Tuesday (Dec. 26),...
December’s on the way out. Congress is quiet, on recess until the beginning of next year. The Supreme Court’s not hearing arguments at the moment. The regulators are wrapping up as vacations loom. And so, 2023 draws to a close as key themes of competition,...
The Federal Trade Commission (FTC) has proposed changes meant to enhance children’s privacy and restrict companies’ ability to exploit children’s data for monetization purposes. The proposed changes to the Children’s Online Privacy Protection Act Rule (COPPA Rule) aim to shift the responsibility of ensuring the safety and...
Two global financial regulators published policies designed to strengthen liquidity management by managers of open-ended funds (OEFs). The Financial Stability Board (FSB) has published revised recommendations for financial regulatory and supervisory authorities, while the International Organization of Securities Commissions (IOSCO) has released guidance on the...
Regulators must use their legal authorities to guard against risks posed by the growing role of large technology firms in the financial system, Rohit Chopra, director of the Consumer Financial Protection Bureau (CFPB), said Monday (Dec. 18). Commenting on the 2023 annual report released Thursday (Dec. 14) by the Financial Stability...
A bipartisan group of U.S. lawmakers reportedly wrote a letter to President Joe Biden expressing concerns that the European Union’s digital regulations unfairly target American technology companies. The lawmakers argued that the regulations, particularly the Digital Markets Act (DMA), designate five leading U.S. tech companies...
