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FTC Creates Office Dedicated To "Algorithmic Transparency"

Posted by timothy on from the from-the-government-and-here-to-help dept.

jfruh writes When Facebook's EdgeRank algorithm filters a meme you posted out of your friends' feed, you might find that annoying. When your bank's algorithm denies you a mortgage, that has a serious effect on your life. But both kinds of algorithms are generally opaque to customers and regulators, and the FTC's Bureau of Consumer Protection has set up an office dedicated to figuring out these algorithms affect our lives and intersect with the law. Perhaps they can start with how the IRS selects people to audit, and whether constantly shifting TSA policies make sense.

1 of 75 comments (clear)

  1. Re:Gaming the system by jratcliffe · · Score: 5, Informative

    It's perfectly legal to make a $10k cash deposit into or withdrawal from your bank (assuming that the underlying use/source of the cash is legal, of course). It is, however, definitely ILLEGAL to make a $9999 deposit for the purpose of staying below that $10k limit. It's called structuring, and can get you into a lot of trouble.

    As an example, you sell a car for $13,000, and get paid in cash. If you go and deposit that $13k in cash in the bank, you're entirely kosher. It'll generate a currency transaction report, but they're not at all uncommon.

    If, however, you deposit $9k, and then $4k, to stay below that $10k ceiling, you've just committed a federal crime. https://en.wikipedia.org/wiki/...