FTC Issues Annual Financial Acts Enforcement Report to Federal Reserve

For Release

The Federal Trade Commission has issued its annual report to the Federal Reserve Board on FTC enforcement and related activities regarding the Equal Credit Opportunity Act (ECOA), Electronic Fund Transfer Act (EFTA), Consumer Leasing Act (CLA), and Truth in Lending Act (TILA).

This year's report also discusses future FTC activities and the Dodd-Frank Act, including the Act's establishment of the Consumer Financial Protection Bureau (CFPB). It notes that while the Act transferred certain FTC regulatory functions to the new agency, the FTC retains its authority to enforce the ECOA, EFTA, CLA, and TILA, among other things. The report also addresses certain FTC activities regarding payment cards, initiatives regarding motor vehicles, and coordination with the CFPB on mortgage disclosure matters.

The report is available now on the FTC's website and as a link to this press release. The Commission vote approving the report was 4-0. A copy of the report also has been provided to the CFPB. (FTC File No. P064808; the staff contact is Carole L. Reynolds, Bureau of Consumer Protection, 202-326-3230)

The Federal Trade Commission works for consumers to prevent fraudulent, deceptive, and unfair business practices and to provide information to help spot, stop, and avoid them. To file a complaint in English or Spanish, visit the FTC's online Complaint Assistant or call
1-877-FTC-HELP (1-877-382-4357). The FTC enters complaints into Consumer Sentinel, a secure, online database available to more than 2,000 civil and criminal law enforcement agencies in the U.S. and abroad. The FTC's website provides free information on a variety of consumer topics. Like the FTC on Facebook and follow us on Twitter.

(FYI 6.2012.wpd)

Contact Information

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