After months of leaks to the press and rumors of an imminent enforcement action, the U.S. Federal Trade Commission has fined Facebook a record-breaking $5 billion and required the company to implement an "unprecedented" and modified corporate governance structure for violating its 2012 FTC consent decree. The fine is the highest in the history of global privacy enforcement by a factor of 20, but perhaps more notably, the order requires a detailed data governance framework to ensure Facebook's executive leadership is accountable and transparent about its data practices. IAPP Editorial Director Jedidiah Bracy, CIPP, has the details, including comments from Wednesday's FTC press conference, on this historic privacy enforcement action. 
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