CFPB Interpretive Rule on Digital Marketing Provider Regulation Takes Effect
A CFPB interpretive rule clarifying that digital marketing providers for financial firms can be subject to traditional service provider regulations became effective on August 17, 2022. The interpretive rule and its effective date were published in the Federal Register.
As previously covered, the interpretive rule affirmed that digital marketing providers that are materially involved in the development of content strategy would not fall within the "time or space" exception to the definition of the term "service provider" under the Consumer Financial Protection Act ("CFPA"). The interpretive rule also provided clarifying definitions for the terms "service provider" and "'time and space' exception." The CFPB stated that digital marketing providers would not qualify for the time and space exception and would thus be subject to traditional service provider regulations.
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