WASHINGTON, D.C. – The Financial Technology Association (FTA) today submitted a comment letter urging the Federal Trade Commission to clarify parts of its proposed rule on Impersonation of Government and Business that could impact certain fintech companies. FTA recommends that the FTC define the phrase “knowledge or reason to know” based on a definition adopted by the Small Business Administration (SBA). Furthermore, FTA urges the FTC to state that the liability standard included in this amendment is not intended to reach a party acting in good faith to prevent impostors on its platform.
The Financial Technology Association (FTA) is a Washington, DC-based trade association representing industry leaders shaping the future of finance. We champion the power of technology-centered financial services and advocate for the modernization of financial regulation to support inclusion and responsible innovation.
FTA Urges the FTC to Clarify Impersonation Rule
WASHINGTON, D.C. – The Financial Technology Association (FTA) today submitted a comment letter urging the Federal Trade Commission to clarify parts of its proposed rule on Impersonation of Government and Business that could impact certain fintech companies. FTA recommends that the FTC define the phrase “knowledge or reason to know” based on a definition adopted by the Small Business Administration (SBA). Furthermore, FTA urges the FTC to state that the liability standard included in this amendment is not intended to reach a party acting in good faith to prevent impostors on its platform.
To read FTA’s full comment letter, click here.
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The Financial Technology Association (FTA) is a Washington, DC-based trade association representing industry leaders shaping the future of finance. We champion the power of technology-centered financial services and advocate for the modernization of financial regulation to support inclusion and responsible innovation.