- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2024-11-04T14:44:00
Meta disclosed in a public filing that an investigation by the Consumer Financial Protection Bureau (CFPB) related to financial product advertising on platforms Instagram and WhatsApp may lead to a lawsuit.
Meta received a notice on Sept. 18 that informed the company CFPB staff may recommend to Director Rohit Chopra that the agency take legal action alleging violations of the Consumer Financial Protection Act, including the company’s alleged “receipt and use for advertising of financial information from third parties through certain advertising tools” as well as “related user disclosures and controls,” the company said in a securities filing Thursday.
“We disagree with the claims staff is considering and believe an enforcement action is unwarranted, and have responded,” the filing stated, adding the result of the process is uncertain, but could result in the CFPB filing a lawsuit seeking financial penalties and equitable relief.
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Apple and Goldman Sachs have agreed to pay $89 million for alleged gross customer service failures related to Apple Card, the Consumer Financial Protection Bureau said.
The Consumer Financial Protection Bureau is seeking greater authority to supervise the activities of companies that offer services like digital wallets and payment apps on par with how the agency oversees large banks, credit unions, and other financial institutions.
Rohit Chopra has led the Consumer Financial Protection Bureau for less than a month, but one area of examination and enforcement priority is already coming into focus: data.
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