WaPo: Facebook Open To Working With Regulators To Increase Oversight Of Privacy Practices

Facebook Inc. FB informed the U.S. government it will submit to greater oversight of its data-collection practices after a probe into a series of privacy abuses last year, according to The Washington Post.

This move comes as part of the ongoing talks between Facebook and the Federal Trade Commission. Both the FTC and Facebook have been negotiating over a multi-billion dollar fine that would settle the agency’s investigation into the social media giant’s privacy practices. The Washington Post cites a person with knowledge of the matter who spoke on the condition of anonymity.

This settlement would also require Facebook to undergo more rigorous, regular checkups by an independent, third-party watchdog that must be approved by the FTC, according to the sources.

Facebook said it has banned conspiracy theorist Alex Jones, Nation of Islam founder Louis Farrakhan and others from its site and Instagram for violating the company’s policies against using the sites to spread hate and violence.

Facebook's traded around $195.50 Friday morning.

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