Meta Platforms is facing potential legal action from the Consumer Financial Protection Bureau regarding its advertising practices for financial products on its platforms, including Instagram and WhatsApp.
The CFPB notified Meta on September 18 that it is considering enforcement action, related to advertising disclosures and controls for third-party financial ads on Meta's services.
Under Director Rohit Chopra, the CFPB has heightened scrutiny on Big Tech companies, planning to enact a rule that would put major digital payment operators, including Meta, under its direct oversight.
Meta believes the claims regarding its advertising practices are unfounded and has officially responded to the CFPB's notice, asserting that an enforcement action is not warranted.
#consumer-financial-protection-bureau #meta-platforms #advertising-practices #big-tech #regulatory-scrutiny
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