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Comp Blog

FTC Enforcement Update

By: Danielle Wright

CommentTuesday - July 1, 2014

Last week, the FTC published its new 2014 Privacy and Data Security Update.  Covering initiatives between January 2013 and May 2014, the bullet-point digest highlights FTC enforcement actions on privacy, data security, credit reporting, financial privacy, and Do Not Call.  Among the finance related cases were:

  • A Do Not Call list violation against Mortgage Investors Corporation of Ohio, one of the nation’s leading refinancers of veterans’ home loans. The company paid a $7.5 million civil penalty, the largest fine the FTC has ever collected for allegedly violating DNC provisions. According to the complaint, Mortgage Investors called consumers on the DNC Registry, failed to remove consumers from its company call list upon demand, and misstated the terms of available loan products during telemarketing calls.
  • Several cases for violation of the FCRA and privacy provisions of the Gramm-Leach-Bliley Act, including:
    • TeleCheck Services, Inc., agreed to pay $3.5 million to settle allegations that they violated the FCRA by failing to follow proper dispute procedures, including refusing to investigate disputes.
    • The FTC obtained a $3.5 million fine for FCRA violations, from Certegy, a check authorization company, alleging they did not have reasonable procedures to resolve consumer disputes.
    • Time Warner Cable, Inc. agreed to pay $1.9 million in civil penalties to settle charges that the company violated the new Risk-Based Pricing Rule of 2011, which requires creditors to give notice to consumers who are provided less favorable credit terms based on information in their credit reports.
    • Following a test-shopping operation in which FTC staff members posed as individuals  seeking consumer information to make decisions related to creditworthiness, insurance eligibility or employment, the FTC issued warning letters to ten data brokers that appeared to be selling information for FCRA purposes without following the FCRA requirements.


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