Word: ftc
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Dates: during 1970-1979
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...cent, says the Federal Trade Commission. According to the FTC, none of the major credit card companies has presented evidence that it is complying with the provisions of a 1970 amendment to the Truth in Lending Act. Unless the companies comply, the act prohibits them from pinching holders for as much as a penny on lost or stolen cards. Though many cards carry stern warnings that holders must pay for charges run up before the issuing company is notified of loss or theft, the warnings are legally meaningless...
...admen often tout their clients' products with such boasts as "lowest priced in its field," "recommended by more physicians," or "three times longer-wearing." Last week the Federal Trade Commission moved to check the claims. Prodded by Ralph Nader and other consumer advocates, the FTC decided that it will issue periodic orders to companies to submit proof of their ad pitches relating to safety, performance, efficiency, quality and comparative prices. The first orders are expected to go to auto companies, probably within three months, and the FTC later will focus on other big advertisers, industry by industry...
...commission will continue to wink at what it calls "traditionally accepted puffery"-for example, a manufacturer claiming that its product "tastes great!" But any advertiser who makes factually inaccurate or misleading claims will risk an FTC complaint order as well as bad publicity. The commission will make its findings public, and admen foresee many legal battles over FTC interpretations of truth and deception...
...Robert Pitofsky, Chief, FTC Bureau of Consumer Protection
...matter will go to the review board, which will then 1) determine whether the complaint is justified, and, if so, 2) try to persuade the advertiser to correct or drop the offensive ad. Failing this, the board will publish its findings and turn the complaint over to the FTC or some other federal regulatory agency, the FDA, perhaps, or the Justice Department. Victor Elting, chairman of the National Advertising Advisory Committee-a group of top agency people and their clients, who are setting up the program-thinks that the review board will be able to move swiftly against misleading...