NEARLY 35,000 REFUNDS SENT OUT TO VICTIMS OF AUTOMATED ELECTRONIC CHECKING INC.

FROM:  U.S. FEDERAL TRADE COMMISSION 

FTC Sends Refunds to Consumers Victimized by Automated Electronic Checking Inc.

Thousands of consumers scammed out of their money will get some of it back, thanks to a lawsuit and settlement secured by the Federal Trade Commission.  The FTC  is mailing 34,859 refund checks to consumers whose bank accounts were debited, allegedly without their consent, by Nevada-based payment processor Automated Electronic Checking Inc. (AEC).

The average amount of redress will be about $25 and will be based on the amount each person lost.  A total of more than $870,000 is being returned to consumers.  Those who receive the checks from the FTC’s refund administrator should cash them within 60 days of the mailing date.  The FTC never requires consumers to pay money or to provide information before refund checks can be cashed.  Those with questions should call the refund administrator, Analytics Consulting LLC, at 1-855-529-6824, or visit www.FTC.gov/refunds for more general information.

Using a relatively new payment method called “remotely created payment orders” to give merchants access to consumer bank accounts, AEC debited many consumers who had never heard of AEC or its client merchants, some of whom included online discount shopping clubs and payday loan sites.  Under a settlement, AEC was banned from payment processing and required to pay a monetary judgment.

The FTC’s case against AEC is part of efforts by the Consumer Protection Working Group of President Obama’s Financial Fraud Enforcement Task Force.

The Federal Trade Commission works for consumers to prevent fraudulent, deceptive, and unfair business practices and to provide information to help spot, stop, and avoid them. To file a complaint in English or Spanish, visit the FTC’s online Complaint Assistant or call 1-877-FTC-HELP (1-877-382-4357). The FTC enters complaints into Consumer Sentinel, a secure, online database available to more than 2,000 civil and criminal law enforcement agencies in the U.S. and abroad.

GOVERNMENT JOINT RELEASE BY AGENCIES IMPLEMENTING THE VOLCKER RULE

FROM:  COMMODITIES FUTURES TRADING COMMISSION 
Joint Release:
Board of Governors of the Federal Reserve System
Commodity Futures Trading Commission
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Securities and Exchange Commission

Release: 6790-13
For Release: December 10, 2013

Agencies Issue Final Rules Implementing the Volcker Rule

Five federal agencies on Tuesday issued final rules developed jointly to implement section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”).

The final rules prohibit insured depository institutions and companies affiliated with insured depository institutions (“banking entities”) from engaging in short-term proprietary trading of certain securities, derivatives, commodity futures and options on these instruments, for their own account. The final rules also impose limits on banking entities’ investments in, and other relationships with, hedge funds or private equity funds.

Like the Dodd-Frank Act, the final rules provide exemptions for certain activities, including market making, underwriting, hedging, trading in government obligations, insurance company activities, and organizing and offering hedge funds or private equity funds. The final rules also clarify that certain activities are not prohibited, including acting as agent, broker, or custodian.

The compliance requirements under the final rules vary based on the size of the banking entity and the scope of activities conducted. Banking entities with significant trading operations will be required to establish a detailed compliance program and their CEOs will be required to attest that the program is reasonably designed to achieve compliance with the final rule. Independent testing and analysis of an institution’s compliance program will also be required. The final rules reduce the burden on smaller, less-complex institutions by limiting their compliance and reporting requirements. Additionally, a banking entity that does not engage in covered trading activities will not need to establish a compliance program.

The Federal Reserve Board announced on Tuesday that banking organizations covered by section 619 will be required to fully conform their activities and investments by July 21, 2015.

DOL SAYS WHISTLEBLOWERS CAN FILE COMPLAINTS WITH OSHA ONLINE

FROM:  U.S. LABOR DEPARTMENT 
Whistleblowers can now file complaints online with OSHA
Agency launches online form to provide workers a new way to file retaliation complaints

WASHINGTON — Whistleblowers covered by one of 22 statutes administered by the U.S. Department of Labor's Occupational Safety and Health Administration will now be able to file complaints online. The online form will provide workers who have been retaliated against an additional way to reach out for OSHA assistance online.

"The ability of workers to speak out and exercise their rights without fear of retaliation provides the backbone for some of American workers' most essential protections," said Assistant Secretary of Labor for Occupational Safety and Health Dr. David Michaels. "Whistleblower laws protect not only workers, but also the public at large and now workers will have an additional avenue available to file a complaint with OSHA."

Currently, workers can make complaints to OSHA by filing a written complaint or by calling the agency's 1-800-321-OSHA (6742) number or an OSHA regional or area office. Workers will now be able to electronically submit a whistleblower complaint to OSHA by visiting www.osha.gov/whistleblower/WBComplaint.html.
The new online form prompts the worker to include basic whistleblower complaint information so they can be easily contacted for follow-up. Complaints are automatically routed to the appropriate regional whistleblower investigators. In addition, the complaint form can also be downloaded and submitted to the agency in hard-copy format by fax, mail or hand-delivery. The paper version is identical to the electronic version and requests the same information necessary to initiate a whistleblower investigation.

OSHA enforces the whistleblower provisions of 22 statutes protecting employees who report violations of various securities laws, trucking, airline, nuclear power, pipeline, environmental, rail, public transportation, workplace safety and health, and consumer protection laws. Detailed information on employee whistleblower rights, including fact sheets and instructions on how to submit the form in hard-copy format, is available online at www.whistleblowers.gov.

Under the Occupational Safety and Health Act of 1970, employers are responsible for providing safe and healthful workplaces for their employees. OSHA's role is to ensure these conditions for America's working men and women by setting and enforcing standards, and providing training, education and assistance.