The Federal Trade Commission today announced the issuance of an Opinion and Final Order reversing an Administrative Law Judge (ALJ) Initial Decision that had dismissed FTC charges against medical testing laboratory LabMD, Inc. In reversing the ALJ ruling, the Commission concludes that LabMD’s data security practices were unreasonable and constitute an unfair act or practice […]
Monthly Archives: July 2016
FDIC Seeks Comment on Bank Appeals Guidelines
FIL-52-2016 July 29, 2016 FDIC Seeks Comment on Bank Appeals Guidelines Printable Format: FIL-52-2016 – PDF (PDF Help) Summary: The Federal Deposit Insurance Corporation (FDIC) is seeking comments on updates to its guidelines for institutions to appeal certain supervisory determinations. Statement of Applicability to Institutions under $1 Billion in Total Assets: This Financial Institution Letter […]
Reminder on FDIC Examination Findings
The Federal Deposit Insurance Corporation (FDIC) is updating and reissuing FIL-13-2011, Reminder on FDIC Examination Findings, dated March 1, 2011, to re-emphasize the importance of open communications regarding supervisory findings. An open dialogue with bank management is critical to ensuring the supervisory process is effective in promoting an institution’s strong financial condition and safe-and-sound operation. […]
FDIC Seeking Comment on Proposed Guidance for Third-Party Lending
The FDIC is seeking comment on proposed Guidance for Third-Party Lending to set forth safety and soundness and consumer compliance measures FDIC-supervised institutions should follow when lending through a business relationship with a third party. The proposed guidance is intended to supplement the FDIC’s existing Guidance for Managing Third-Party Risk, which is applicable to any […]
FTC Approves Final Order in ASUS Privacy Case
After a public comment period, the Federal Trade Commission has approved a final order resolving the Commission’s complaint against ASUSTeK Computer, Inc., charging that critical security flaws in its routers put the home networks of hundreds of thousands of consumers at risk. The settlement was first announced in February 2016. In its complaint, the FTC […]
As a Condition of Acquiring Meda, FTC Requires Mylan to Divest Rights to Two Generic Drugs, One for Muscle Spasms and Stiffness, the other for Epilepsy
Mylan Inc. has agreed to divest the rights and assets related to two generic pharmaceutical products in order to settle FTC charges that its proposed $7.2 billion acquisition of Swedish drug maker Meda would be anticompetitive. The FTC order preserves competition in the markets for 250 mg generic carisoprodol tablets, which treat muscle spasms and […]
FTC Requires Teva to Divest Over 75 Generic Drugs to Settle Competition Concerns Related to its Acquisition of Allergan’s Generic Business
Teva Pharmaceutical Industries Ltd. has agreed to sell the rights and assets related to 79 pharmaceutical products to settle FTC charges that its proposed $40.5 billion acquisition of Allergan plc’s generic pharmaceutical business would be anticompetitive. The remedy requires Teva to divest the drug portfolio to eleven firms, and marks the largest drug divestiture order […]
Prudent Risk Management of Oil and Gas Exposures
FIL-49-2016 July 27, 2016 Prudent Risk Management of Oil and Gas Exposures Printable Format: FIL-49-2016 – PDF (PDF Help) Summary: FDIC-supervised institutions with direct or indirect oil and gas (O&G) exposures are reminded to maintain sound underwriting standards, strong credit administration practices, and effective risk management strategies. When O&G related borrowers experience financial difficulties, the […]
FTC Requests Public Comment on American Air Liquide Holdings, Inc.’s Application to Approve Divestiture of Assets to Aspen Air U.S. Corp.
The Federal Trade Commission is currently accepting public comments on an application by American Air Liquide Holdings, Inc. to sell to Aspen Air U.S. Corp. its assets related to production of bulk liquid carbon dioxide at facilities in Galva, and Sergeant Bluff, Iowa. The divestiture is required by the FTC’s May 2016 order settling charges […]
FTC Sends Out Third Round of Redress Checks to Victims of the J.K. Publications Credit Card Fraud
The Federal Trade Commission, through its claims administrator, has begun be mailing more than 321,982 checks totaling nearly $9.7 million to consumers identified as victims of an illegal credit card billing scam operated by J.K. Publications and other defendants. The operators of this scam made unauthorized charges on consumers’ credit and debit cards for purported […]