An FTC release:
The proposed settlement bars Facebook from making any further deceptive privacy claims, requires that the company get consumers’ approval before it changes the way it shares their data, and requires that it obtain periodic assessments of its privacy practices by independent, third-party auditors for the next 20 years.
I hope the FTC isn’t patting themselves on the back just yet. I don’t know a ton about the FTC or the laws surrounding this “settlement” but in the note at the bottom of the release the FTC states:
When the Commission issues a consent order on a final basis, it carries the force of law with respect to future actions. Each violation of such an order may result in a civil penalty of up to $16,000.
So $16k isn’t that much money to Facebook, it’s nothing actually. Where it is interesting is the “each violation” part. Does this mean that one rule break is actually multiplied by the amount of current users? If so, then one violation would be a potential penalty of ~$12,800,000,000? That’d be a sweet incentive for Facebook.