Refundamentals: How the FTC returns billions to consumers
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Wednesday, November 30, 2022
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So how do provisions like that translate into real help for real consumers?
Key Points:
- So how do provisions like that translate into real help for real consumers?
- Thats the subject of the FTC Bureau of Consumer Protections Office of Claims and Refunds Annual Report.
- Covering the period between July 1, 2016 and June 30, 2017, the Report recaps how FTC cases resulted in orders that returned billions back to consumers.
- How do we get checks to eligible consumers while outwitting fraudsters who may try to subvert our efforts?
- In total, during the 12-month period covered by the Report, FTC cases resulted in more than $6.4 billion in refunds for consumers.
- In other cases, the FTC sent money directly to consumers.
- Second, what happens if theres money left over after a refund program or if there isnt enough to provide meaningful refunds to individual consumers?
- In those instances, the FTC sends the money to the U.S. Treasury, where it goes into the General Fund.
- In other words, we never forget that the money belongs to consumers, so were duty-bound to do our job carefully and efficiently.
- And its not unusual for the FTC to ask a court to reinstate the full amount if it looks like defendants lied about their finances.