ARTICLE · 04 OCTOBER 2024

Wiley Consumer Protection Download (October 2, 2024)

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Welcome to Wiley's update on recent developments and what's next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission

United StatesConsumer Protection

Lauren N. Lerman

Regulatory Announcements

FTC Holds September Open Commission Meeting and Releases Social Media Report. On September 19, the FTC held a virtual Open Commission Meeting and heard presentations on: (1) a report describing findings from the 2020 Section 6(b) orders issued to study how social media and video streaming services use consumer data, and (2) the FTC's Final Rule on the Use of Consumer Reviews and Testimonials. FTC staff first presented a report that analyzes the data practices of certain social media and video streaming companies. The report assesses the companies' practices and the agency's related findings into the following categories: data practices; advertising; algorithms, data analytics, and AI; and children and teens. The FTC voted 5-0 to issue the report, with Commissioners. Holyoak and Ferguson issuing statements concurring in part and dissenting in part.

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