CFPB Rule Outlines Digital Marketing Finance Protection Compliance

The Consumer Financial Protection Bureau (CFPB) has released an interpretative rule detailing when digital marketing providers of financial firms must comply with the federal consumer financial protection law.

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“When Big Tech companies use sophisticated behavioral targeting techniques to market financial products, they must comply with federal financial consumer protection laws,” CFPB Director Rohit Chopra said. “Federal and state law enforcement can and should hold these companies accountable if they break the law.”

Digital marketers performing the role of service providers may be held liable by the CFPB or other law enforcement agencies for engaging in unfair, deceptive, or abusive acts or practices, in addition to other breaches of protection. consumer finance.

Where digital marketing providers go beyond traditional advertising, they are usually covered by consumer financial protection law. The measure contains an exception for companies that only provide time or space for advertising a financial product or service to consumers through print, newspaper or electronic media.

The CFPB argues that the exception does not cover companies materially involved in developing a content strategy.

The CFPB’s interpretative rule, the officials said, explains that digital marketers who provide material services to financial companies and other consumer protection officials can sue digital marketers to stop violations of the Privacy Act. consumer financial protection.