FTC Seeks More Leeway To Fight Financial Fraud

Law360, New York (February 4, 2010, 5:23 PM EST) -- Federal Trade Commission Chairman Jon Leibowitz asked members of the U.S. Senate on Thursday to streamline the agency's rulemaking and enforcement authorities in order to help officials move more quickly to address and act on a swath of financial fraud complaints from consumers.

Liebowitz testified about the oft-overlooked role the FTC has played in combating consumer fraud on an array of financial products from nonbank financial institutions, including mortgages and credit cards, during a hearing before the Senate Commerce Committee.

Without expedited rulemaking, expanded enforcement authority...
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