FTC: Poor Fit to Require Retailers & Banks to Follow Same Rules

The Federal Trade Commission issued a report saying its a bad idea to apply banking rules to retailers. 3 Reasons Why:

•  “burdensome to nonbanks”
• “Retailers lack the authority over payment cards to maintain certain data security obligations”
• “The FTC lacks the supervisory examination and resources to provide specific guidance and oversight that would be necessary to cover every nonbank business”

The Hill