American Cash Market, Inc.; Analysis of Proposed Consent Order to Aid Public Comment, 11920-11921 [E8-4304]

Download as PDF 11920 Federal Register / Vol. 73, No. 44 / Wednesday, March 5, 2008 / Notices FEDERAL RESERVE SYSTEM Federal Open Market Committee; Domestic Policy Directive of January 29–30, 2008 In accordance with § 271.25 of its rules regarding availability of information (12 CFR part 271), there is set forth below the domestic policy directive issued by the Federal Open Market Committee at its meeting held on January 29–30, 2008.1 The Federal Open Market Committee seeks monetary and financial conditions that will foster price stability and promote sustainable growth in output. To further its long–run objectives, the Committee in the immediate future seeks conditions in reserve markets consistent with reducing the federal funds rate at an average of around 31⁄2 percent. By order of the Federal Open Market Committee, February 26, 2008. Brian F. Madigan, Secretary, Federal Open Market Committee. [FR Doc. E8–4230 Filed 3–4–08; 8:45 am] BILLING CODE 6210–01–S FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies jlentini on PROD1PC65 with NOTICES of the Minutes of the Federal Open Market Committee meeting on January 29–30, 2008, which includes the domestic policy directive issued at the meeting, are available upon request to the Board of Governors of the Federal Reserve System, Washington, D.C. 20551. The minutes are published in the Federal Reserve Bulletin and in the Board’s annual report. VerDate Aug<31>2005 18:03 Mar 04, 2008 Jkt 214001 Board of Governors of the Federal Reserve System, February 29, 2008. Robert deV. Frierson, Deputy Secretary of the Board. [FR Doc. E8–4211 Filed 3–4–08; 8:45 am] BILLING CODE 6210–01–S The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other applicable statutes and regulations to become a bank holding company and/or to acquire the assets or the ownership of, control of, or the power to vote shares of a bank or bank holding company and all of the banks and nonbanking companies owned by the bank holding company, including the companies listed below. The applications listed below, as well as other related filings required by the Board, are available for immediate inspection at the Federal Reserve Bank indicated. The applications also will be available for inspection at the offices of the Board of Governors. Interested persons may express their views in writing on the standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also 1 Copies includes whether the acquisition of the nonbanking company complies with the standards in section 4 of the BHC Act (12 U.S.C. 1843). Unless otherwise noted, nonbanking activities will be conducted throughout the United States. Additional information on all bank holding companies may be obtained from the National Information Center website at www.ffiec.gov/nic/. Unless otherwise noted, comments regarding each of these applications must be received at the Reserve Bank indicated or the offices of the Board of Governors not later than March 31, 2008. A. Federal Reserve Bank of Kansas City (Todd Offenbacker, Assistant Vice President) 925 Grand Avenue, Kansas City, Missouri 64198–0001: 1. First Liberty Capital Corporation Employee Stock Ownership Plan and First Liberty Capital Corporation, both of Hugo, Colorado; to acquire up to 100 percent of the voting shares of First Mountain Bank, Leadville. FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies; Correction This notice corrects a notice (FR Doc. E8-3313) published on page 9806 of the issue for Friday, February 22, 2008. Under the Federal Reserve Bank of New York heading, the entry for Tompkins Financial Corporation, Ithaca, New York, is revised to read as follows: A. Federal Reserve Bank of New York (Anne MacEwen, Bank Applications Officer) 33 Liberty Street, New York, New York 10045–0001: 1. Tompkins Financial Corporation, Ithaca, New York; to acquire and thereby merge with Sleepy Hollow Bancorp Inc., and thereby indirectly acquire voting shares of Sleepy Hollow Bank, both of Sleepy Hollow, New York. Comments on this application must be received by March 20, 2008. Board of Governors of the Federal Reserve System, February 29, 2008. Robert deV. Frierson, Deputy Secretary of the Board. [FR Doc. E8–4212 Filed 3–4–08 8:45 am] BILLING CODE 6210–01–S PO 00000 Frm 00062 Fmt 4703 Sfmt 4703 FEDERAL TRADE COMMISSION [File No. 072 3210] American Cash Market, Inc.; Analysis of Proposed Consent Order to Aid Public Comment Federal Trade Commission. Proposed Consent Agreement. AGENCY: ACTION: SUMMARY: The consent agreement in this matter settles alleged violations of federal law prohibiting unfair or deceptive acts or practices or unfair methods of competition. The attached Analysis to Aid Public Comment describes both the allegations in the draft complaint and the terms of the consent order—embodied in the consent agreement—that would settle these allegations. DATES: Comments must be received on or before March 31, 2008. ADDRESSES: Interested parties are invited to submit written comments. Comments should refer to ‘‘American Cash Market, File No. 072 3210,’’ to facilitate the organization of comments. A comment filed in paper form should include this reference both in the text and on the envelope, and should be mailed or delivered to the following address: Federal Trade Commission/ Office of the Secretary, Room 135-H, 600 Pennsylvania Avenue, N.W., Washington, D.C. 20580. Comments containing confidential material must be filed in paper form, must be clearly labeled ‘‘Confidential,’’ and must comply with Commission Rule 4.9(c). 16 CFR 4.9(c) (2005).1 The FTC is requesting that any comment filed in paper form be sent by courier or overnight service, if possible, because U.S. postal mail in the Washington area and at the Commission is subject to delay due to heightened security precautions. Comments that do not contain any nonpublic information may instead be filed in electronic form by following the instructions on the webbased form at https:// secure.commentworks.com/ftcAmericanCashMarket. To ensure that the Commission considers an electronic comment, you must file it on that webbased form. The FTC Act and other laws the Commission administers permit the collection of public comments to 1 The comment must be accompanied by an explicit request for confidential treatment, including the factual and legal basis for the request, and must identify the specific portions of the comment to be withheld from the public record. The request will be granted or denied by the Commission’s General Counsel, consistent with applicable law and the public interest. See Commission Rule 4.9(c), 16 CFR 4.9(c). E:\FR\FM\05MRN1.SGM 05MRN1 Federal Register / Vol. 73, No. 44 / Wednesday, March 5, 2008 / Notices consider and use in this proceeding as appropriate. All timely and responsive public comments, whether filed in paper or electronic form, will be considered by the Commission, and will be available to the public on the FTC website, to the extent practicable, at www.ftc.gov. As a matter of discretion, the FTC makes every effort to remove home contact information for individuals from the public comments it receives before placing those comments on the FTC Web site. More information, including routine uses permitted by the Privacy Act, may be found in the FTC’s privacy policy, at https://www.ftc.gov/ ftc/privacy.htm. FOR FURTHER INFORMATION CONTACT: Cara Peterson or Quisaira Whitney, FTC Bureau of Consumer Protection, 600 Pennsylvania Avenue, NW, Washington, D.C. 20580, (202) 326-3224. SUPPLEMENTARY INFORMATION: Pursuant to section 6(f) of the Federal Trade Commission Act, 38 Stat. 721, 15 U.S.C. 46(f), and § 2.34 of the Commission Rules of Practice, 16 CFR 2.34, notice is hereby given that the above-captioned consent agreement containing a consent order to cease and desist, having been filed with and accepted, subject to final approval, by the Commission, has been placed on the public record for a period of thirty (30) days. The following Analysis to Aid Public Comment describes the terms of the consent agreement, and the allegations in the complaint. An electronic copy of the full text of the consent agreement package can be obtained from the FTC Home Page (for February 27, 2008), on the World Wide Web, at https:// www.ftc.gov/os/2008/02/index.htm. A paper copy can be obtained from the FTC Public Reference Room, Room 130H, 600 Pennsylvania Avenue, NW, Washington, D.C. 20580, either in person or by calling (202) 326-2222. Public comments are invited, and may be filed with the Commission in either paper or electronic form. All comments should be filed as prescribed in the ADDRESSES section above, and must be received on or before the date specified in the DATES section. jlentini on PROD1PC65 with NOTICES Analysis of Agreement Containing Consent Order to Aid Public Comment The Federal Trade Commission has accepted, subject to final approval, an agreement containing a consent order from American Cash Market, Inc. (‘‘respondent’’). The proposed consent order has been placed on the public record for thirty (30) days for receipt of comments by interested persons. Comments received during this period will become part of VerDate Aug<31>2005 18:03 Mar 04, 2008 Jkt 214001 the public record. After thirty (30) days, the Commission will again review the agreement and the comments received, and will decide whether it should withdraw from the agreement or make final the agreement’s proposed order. Respondent engaged in practices that violate Section 144 of the Truth in Lending Act (‘‘TILA’’), 15 U.S.C. § 1664, and Section 226.24(c) of its implementing Regulation Z, 12 C.F.R. § 226.24(c). Respondent disseminated payday loan advertisements on the Internet stating the number of payments or period of repayment, or the amount of a finance charge, as terms for obtaining a payday loan. These advertisements failed, however, to disclose the ‘‘annual percentage rate’’ or ‘‘APR’’ for these loans as required by TILA and its implementing Regulation Z. TILA and Regulation Z require that advertisers, including payday loan advertisers, disclose APRs on their loans to assist consumers in comparison shopping. The respondent’s failure to disclose the APR for its advertised payday loans undermined consumers’ ability to compare these loans to those offered by other payday lenders. The respondent’s failure to disclose the APR for its advertised payday loans also frustrated consumers’ ability to compare these loans to alternative forms of credit. Through its law enforcement actions the Commission intends to promote compliance with the APR disclosure requirements of TILA and Regulation Z, thereby promoting comparison shopping relating to payday loans. The proposed consent order contains provisions designed to prevent respondent from failing to make disclosures required by TILA and Regulation Z in the future. Part I.A. of the proposed order prohibits respondent, in connection with any advertisement of consumer credit, from stating the amount or percentage of any down payment, the number of payments or period of repayment, the amount of any payment, or the amount of any finance charge, without disclosing clearly and conspicuously all of the terms required by TILA and Regulation Z, including the amount or percentage of the down payment, the terms of repayment, and the annual percentage rate, using that term or the abbreviation ‘‘APR.’’ Part I.B. of the proposed order prohibits respondent from stating a rate of finance charge without stating the rate as an ‘‘annual percentage rate’’ or the abbreviation ‘‘APR.’’ Part I.C. of the proposed order prohibits respondent from failing to PO 00000 Frm 00063 Fmt 4703 Sfmt 4703 11921 comply in any other respect with TILA or Regulation Z. Part II of the proposed order contains a document retention requirement, the purpose of which is to ensure compliance with the proposed order. It requires that respondent maintain all records that will demonstrate compliance with the proposed order. Part III of the proposed order requires respondent to distribute copies of the order to various principals, officers, directors, and managers, and all current and future employees, agents and representatives having responsibilities with respect to the subject matter of the order. Part IV of the proposed order requires respondent to notify the Commission of any changes in its corporate structure that might affect compliance with the order. Part V of the proposed order requires respondent to file with the Commission one or more reports detailing compliance with the order. Part VI of the proposed order is a ‘‘sunset’’ provision, dictating the conditions under which the order will terminate twenty years from the date it is issued or twenty years after a complaint is filed in federal court, by either the United States or the FTC, alleging any violation of the order. The purpose of this analysis is to facilitate public comment on the proposed order, and it is not intended to constitute an official interpretation of the agreement and proposed order or to modify in any way their terms. By direction of the Commission. Donald S. Clark, Secretary. [FR Doc. E8–4304 Filed 3–4–08: 8:45 am] BILLING CODE 6750–01–S FEDERAL TRADE COMMISSION [File No. 072 3212] Anderson Payday Loans; Analysis of Proposed Consent Order to Aid Public Comment Federal Trade Commission. Proposed Consent Agreement. AGENCY: ACTION: SUMMARY: The consent agreement in this matter settles alleged violations of federal law prohibiting unfair or deceptive acts or practices or unfair methods of competition. The attached Analysis to Aid Public Comment describes both the allegations in the draft complaint and the terms of the consent order—embodied in the consent agreement—that would settle these allegations. E:\FR\FM\05MRN1.SGM 05MRN1

Agencies

FEDERAL TRADE COMMISSION

[Federal Register Volume 73, Number 44 (Wednesday, March 5, 2008)]
[Notices]
[Pages 11920-11921]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-4304]


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FEDERAL TRADE COMMISSION

[File No. 072 3210]


American Cash Market, Inc.; Analysis of Proposed Consent Order to 
Aid Public Comment

AGENCY: Federal Trade Commission.

ACTION: Proposed Consent Agreement.

-----------------------------------------------------------------------

SUMMARY: The consent agreement in this matter settles alleged 
violations of federal law prohibiting unfair or deceptive acts or 
practices or unfair methods of competition. The attached Analysis to 
Aid Public Comment describes both the allegations in the draft 
complaint and the terms of the consent order--embodied in the consent 
agreement--that would settle these allegations.

DATES: Comments must be received on or before March 31, 2008.

ADDRESSES: Interested parties are invited to submit written comments. 
Comments should refer to ``American Cash Market, File No. 072 3210,'' 
to facilitate the organization of comments. A comment filed in paper 
form should include this reference both in the text and on the 
envelope, and should be mailed or delivered to the following address: 
Federal Trade Commission/Office of the Secretary, Room 135-H, 600 
Pennsylvania Avenue, N.W., Washington, D.C. 20580. Comments containing 
confidential material must be filed in paper form, must be clearly 
labeled ``Confidential,'' and must comply with Commission Rule 4.9(c). 
16 CFR 4.9(c) (2005).\1\ The FTC is requesting that any comment filed 
in paper form be sent by courier or overnight service, if possible, 
because U.S. postal mail in the Washington area and at the Commission 
is subject to delay due to heightened security precautions. Comments 
that do not contain any nonpublic information may instead be filed in 
electronic form by following the instructions on the web-based form at 
https://secure.commentworks.com/ftc-AmericanCashMarket. To ensure that 
the Commission considers an electronic comment, you must file it on 
that web-based form.
---------------------------------------------------------------------------

    \1\ The comment must be accompanied by an explicit request for 
confidential treatment, including the factual and legal basis for 
the request, and must identify the specific portions of the comment 
to be withheld from the public record. The request will be granted 
or denied by the Commission's General Counsel, consistent with 
applicable law and the public interest. See Commission Rule 4.9(c), 
16 CFR 4.9(c).
---------------------------------------------------------------------------

    The FTC Act and other laws the Commission administers permit the 
collection of public comments to

[[Page 11921]]

consider and use in this proceeding as appropriate. All timely and 
responsive public comments, whether filed in paper or electronic form, 
will be considered by the Commission, and will be available to the 
public on the FTC website, to the extent practicable, at www.ftc.gov. 
As a matter of discretion, the FTC makes every effort to remove home 
contact information for individuals from the public comments it 
receives before placing those comments on the FTC Web site. More 
information, including routine uses permitted by the Privacy Act, may 
be found in the FTC's privacy policy, at https://www.ftc.gov/ftc/
_____________________________________-
privacy.htm.

FOR FURTHER INFORMATION CONTACT: Cara Peterson or Quisaira Whitney, FTC 
Bureau of Consumer Protection, 600 Pennsylvania Avenue, NW, Washington, 
D.C. 20580, (202) 326-3224.

SUPPLEMENTARY INFORMATION: Pursuant to section 6(f) of the Federal 
Trade Commission Act, 38 Stat. 721, 15 U.S.C. 46(f), and Sec.  2.34 of 
the Commission Rules of Practice, 16 CFR 2.34, notice is hereby given 
that the above-captioned consent agreement containing a consent order 
to cease and desist, having been filed with and accepted, subject to 
final approval, by the Commission, has been placed on the public record 
for a period of thirty (30) days. The following Analysis to Aid Public 
Comment describes the terms of the consent agreement, and the 
allegations in the complaint. An electronic copy of the full text of 
the consent agreement package can be obtained from the FTC Home Page 
(for February 27, 2008), on the World Wide Web, at https://www.ftc.gov/
os/2008/02/index.htm. A paper copy can be obtained from the FTC Public 
Reference Room, Room 130-H, 600 Pennsylvania Avenue, NW, Washington, 
D.C. 20580, either in person or by calling (202) 326-2222.
    Public comments are invited, and may be filed with the Commission 
in either paper or electronic form. All comments should be filed as 
prescribed in the ADDRESSES section above, and must be received on or 
before the date specified in the DATES section.

Analysis of Agreement Containing Consent Order to Aid Public Comment

    The Federal Trade Commission has accepted, subject to final 
approval, an agreement containing a consent order from American Cash 
Market, Inc. (``respondent'').
    The proposed consent order has been placed on the public record for 
thirty (30) days for receipt of comments by interested persons. 
Comments received during this period will become part of the public 
record. After thirty (30) days, the Commission will again review the 
agreement and the comments received, and will decide whether it should 
withdraw from the agreement or make final the agreement's proposed 
order.
    Respondent engaged in practices that violate Section 144 of the 
Truth in Lending Act (``TILA''), 15 U.S.C. Sec.  1664, and Section 
226.24(c) of its implementing Regulation Z, 12 C.F.R. Sec.  226.24(c). 
Respondent disseminated payday loan advertisements on the Internet 
stating the number of payments or period of repayment, or the amount of 
a finance charge, as terms for obtaining a payday loan. These 
advertisements failed, however, to disclose the ``annual percentage 
rate'' or ``APR'' for these loans as required by TILA and its 
implementing Regulation Z.
    TILA and Regulation Z require that advertisers, including payday 
loan advertisers, disclose APRs on their loans to assist consumers in 
comparison shopping. The respondent's failure to disclose the APR for 
its advertised payday loans undermined consumers' ability to compare 
these loans to those offered by other payday lenders. The respondent's 
failure to disclose the APR for its advertised payday loans also 
frustrated consumers' ability to compare these loans to alternative 
forms of credit. Through its law enforcement actions the Commission 
intends to promote compliance with the APR disclosure requirements of 
TILA and Regulation Z, thereby promoting comparison shopping relating 
to payday loans.
    The proposed consent order contains provisions designed to prevent 
respondent from failing to make disclosures required by TILA and 
Regulation Z in the future.
    Part I.A. of the proposed order prohibits respondent, in connection 
with any advertisement of consumer credit, from stating the amount or 
percentage of any down payment, the number of payments or period of 
repayment, the amount of any payment, or the amount of any finance 
charge, without disclosing clearly and conspicuously all of the terms 
required by TILA and Regulation Z, including the amount or percentage 
of the down payment, the terms of repayment, and the annual percentage 
rate, using that term or the abbreviation ``APR.''
    Part I.B. of the proposed order prohibits respondent from stating a 
rate of finance charge without stating the rate as an ``annual 
percentage rate'' or the abbreviation ``APR.''
    Part I.C. of the proposed order prohibits respondent from failing 
to comply in any other respect with TILA or Regulation Z.
    Part II of the proposed order contains a document retention 
requirement, the purpose of which is to ensure compliance with the 
proposed order. It requires that respondent maintain all records that 
will demonstrate compliance with the proposed order.
    Part III of the proposed order requires respondent to distribute 
copies of the order to various principals, officers, directors, and 
managers, and all current and future employees, agents and 
representatives having responsibilities with respect to the subject 
matter of the order.
    Part IV of the proposed order requires respondent to notify the 
Commission of any changes in its corporate structure that might affect 
compliance with the order.
    Part V of the proposed order requires respondent to file with the 
Commission one or more reports detailing compliance with the order.
    Part VI of the proposed order is a ``sunset'' provision, dictating 
the conditions under which the order will terminate twenty years from 
the date it is issued or twenty years after a complaint is filed in 
federal court, by either the United States or the FTC, alleging any 
violation of the order.
    The purpose of this analysis is to facilitate public comment on the 
proposed order, and it is not intended to constitute an official 
interpretation of the agreement and proposed order or to modify in any 
way their terms.
    By direction of the Commission.

Donald S. Clark,
Secretary.
[FR Doc. E8-4304 Filed 3-4-08: 8:45 am]
BILLING CODE 6750-01-S

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