But the FTC has bleak track record in the courts when attempting to push the FTC Act beyond the accepted limits of the Sherman Act.

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The FTC has ruled previously that applying a material change in a privacy policy to information collected under a prior policy, without customer consent, constitutes an unfair or deceptive trade practice in violation of the FTC Act.

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"The Federal Reserve should exercise its authority under the Home Ownership and Equity Protection Act and the FTC Act to prohibit these abusive practices and products for all mortgage market participants, regardless of what kind of charter they have, " said Dodd in his opening statement.

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