Facebook has been the subject of a Federal Trade Commission investigation into its privacy practices following the Cambridge Analytica scandal and other incidents. Earlier reports have suggested that the company could be looking at a multi-billion dollar fine. A new report suggests that the terms of its settlement may also include independent oversight of Facebook’s privacy practices.
The FTC’s investigation also revolves around figuring out whether the Cambridge Analytica scandal violated a 2011 agreement Facebook had with the FTC to safeguard the privacy of its users.
Politico reports that Facebook and the Federal Trade Commission are negotiating a possible settlement which may require the former to set up an independent privacy oversight committee in addition to taking some other steps to further safeguard users of the world’s largest social network.
The settlement will reportedly include the appointment of a federally-approved privacy official at the highest levels of Facebook as well as a privacy oversight committee which may include the company’s board members. This will be in addition to the almost $3 billion fine that may be imposed on the company. Facebook has already set aside a substantial amount of money, as per its latest earnings report, to pay for the expected settlements with regulators in the United States.