FTC Overview- The Federal Agency and its Power Over Payday Lenders and Other Private Businesses

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The Federal Trade Commission or FTC, is an independent agency of the United States government, established in 1914 by President Wilson's Federal Trade Commission Act. It is headed by five commissioners, with the understanding that no more than three commissioners from the same political party, can serve on the board at the same time. However, currently, one of those five seats is vacant, and the other commissioners are, Jon Leibowitz , serving as Chairman, William Kovacic, Pamela Jones Harbour and J. Thomas Rosch. Currently, commissioners are appointed by the president, confirmed by the senate, and can hold an office term of seven years.

Under the FTC there are three bureaus that act in accordance to uphold the FTC's mission. The Bureau that is most widely known and relates most directly to the payday loan industry is the Bureau of Consumer Protection. Currently the mission of this Bureau of Consumer protection is to guard consumers against unfair and deceptive acts or practices in commerce. This includes, protecting your identity online, upholding the Electronic Fund Transfer Act, preserve compliance with Truth in Lending Act, and enforcing the Equal Credit Opportunity Act. One of their more recent tasks, in ensuring compliance in the online marketplace, is surfing the internet to make sure ALL lenders have prominent, as defined by them, disclosures in all ads about any consumer offer.

The Federal Trade Commission currently collects complaints about companies, business practices, identity theft, and episodes of violence in the media. According to Community Financial Services Association of America , only 2% of complaints are about loans (excluding credit cards). And only a fraction of those are payday loans.

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