WASHINGTON—The Federal Trade Commission has provided its annual report to the Consumer Financial Protection Bureau on its enforcement and related activities in 2023 on the Truth in Lending Act (TILA), Consumer Leasing Act (CLA), and Electronic Fund Transfer Act (EFTA).
According to the FTC, the report highlights enforcement actions and initiatives under the laws and their implementing regulations, including in the areas of automobile financing and leasing, payday lending, other credit and leasing, and electronic fund transfers.
The Updates
The report includes updates on:
- Automobile Sales, Financing, and Leasing: The report highlights the Commission’s Combatting Auto Retail Scams (CARS) Rule, which is designed to put an end to bait-and-switch tactics and hidden fees used by unscrupulous car dealers, the FTC said. The rule also includes protections for military members. The new rule is expected to save consumers nationwide more than $3.4 billion and an estimated 72 million hours each year shopping for vehicles.
- Junk Fees: The report notes the Commission’s proposed rule regarding junk fees, which would prohibit hidden and “bogus” fees, ensure consumers know how much they are paying and what they are getting, and help spur companies to compete, the FTC said.
- Negative Options: The report cites the Commission’s proposed updates to the Negative Option rule that include a “click to cancel” provision requiring sellers to make it as easy for consumers to cancel their enrollment as it was to sign up. The report also notes additional refund payments sent to consumers in 2023 as a result of the Commission’s case against Triangle Media Corporation, the FTC said.
Military Task Force Highlighted
The report also highlights the agency’s Military Task Force, which comprises a cross-section of FTC representatives and focuses on various initiatives to assist military consumers, and other FTC work involving military lending, including with the Department of Defense.
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