One of the biggest payment processing companies and its former executive will pay more than $40.2 million to settle Federal Trade Commission charges they knowingly processed payments and laundered, or assisted laundering of, credit card transactions for scams that targeted hundreds of thousands of consumers. According to the FTC’s complaint, Atlanta-based First Data Merchant Services, […]
Monthly Archives: May 2020
Statement of Secretary Steven T. Mnuchin Before the Senate Committee on Banking, Housing, and Urban Affairs
Chairman Crapo, Ranking Member Brown, and members of the Committee, thank you for this opportunity to highlight how the Department of the Treasury and the Federal Reserve are working together to provide liquidity to the financial system. Our programs support the flow of much-needed credit to American workers, families, businesses, states, and municipalities. I want […]
Treasury is Delivering Millions of Economic Impact Payments by Prepaid Debit Card
WASHINGTON— This week, Treasury and the IRS are starting to send nearly 4 million Economic Impact Payments (EIPs) by prepaid debit card, instead of by paper check. EIP Card recipients can make purchases, get cash from in-network ATMs, and transfer funds to their personal bank account without incurring any fees. They can also check their […]
FTC and SBA Warn Operator of SBA.com and Lead Generator Lendio to Stop Potentially Misleading Coronavirus Relief Loan Marketing
The Federal Trade Commission and Small Business Administration (SBA) sent warning letters to two companies that may be misleading small businesses seeking SBA loans as a result of the coronavirus pandemic. The letters are being sent to ITMedia Solutions, LLC (IT Media) and Lendio, Inc. (Lendio), whose marketing could lead consumers to believe they are […]
FTC Obtains Final Order against Do Not Call Violator, Banning Him From Nearly All Outbound Telemarketing
At the Federal Trade Commission’s request, a federal court has approved a final order against Jasjit “Jay” Gotra, the founder and CEO of Alliance Security Inc. (Alliance), which the agency charged in 2018 with causing more than one million calls to numbers on the National Do Not Call (DNC) Registry. The complaint also alleged that […]
FTC Seeks Public Comment as Part of its Review of the Prohibition of Energy Market Manipulation Rule
The Federal Trade Commission is seeking public comment on whether to make changes to its Prohibition of Energy Market Manipulation Rule, as part of the agency’s systematic review of all current FTC rules and guides. As authorized by the Energy Independence and Security Act of 2007, in 2009, the Commission issued the Prohibition of Energy […]
FTC Sends More Than $12 Million in Full Refunds to Victims of Online Billing Scam
The Federal Trade Commission is sending full refunds—totaling more than $12 million—to individuals who lost money to a company called I Works, which operated deceptive “trial” memberships and bogus government-grant and money-making schemes in 2010. Utah-based I Works ran numerous online marketing campaigns, which falsely advertised that federal grants for personal needs were generally available […]
Regulators Temporarily Change the Supplementary Leverage Ratio to Increase Banking Organizations’ Ability to Support Credit to Households and Businesses In Light of the Coronavirus Response
News Release 2020-62 | May 15, 2020 Share This Page: Joint Release Board of Governors of the Federal Reserve SystemFederal Deposit Insurance CorporationOffice of the Comptroller of the Currency The federal bank regulatory agencies today announced temporary changes to their supplementary leverage ratio rule. The temporary modifications will provide flexibility to certain depository institutions to expand […]
Peloton Interactive, Inc. Announces Participation in the 15th Annual Needham Virtual Technology & Media Conference
NEW YORK, May 15, 2020 (GLOBE NEWSWIRE) — Peloton Interactive, Inc. (Nasdaq: PTON) today announced that the Company will be participating in the 15th Annual Needham Virtual Technology & Media Conference on Tuesday, May 19, 2020, at 11:30 AM ET. Attending for Peloton will be Jill Woodworth, Chief Financial Officer. The audio portion of the […]
Treasury International Capital Data for March
Washington – The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for March 2020. The next release, which will report on data for April 2020, is scheduled for June 15, 2020. The sum total in March of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was […]