In a new report, the CFPB identified "Buy Now, Pay Later" credit program and product risks; CFPB Director Rohit Chopra directed staff to take additional action.
A CFPB interpretive rule clarifying that digital marketing providers for financial firms can be subject to traditional service provider regulations became effective on August 17th.
Following the issuance of a CFPB interpretive rule that digital marketing service providers are subject to consumer protection regulations, CFPB Director Rohit Chopra warned that "[m]ore and more Americans are experiencing the feeling of being digitally stalked by specific ad content."
The CFPB warned that financial institutions and their service providers can be held liable for maintaining insufficient data protection or information security.
The CFPB issued an interpretive rule clarifying that "digital marketing providers that are materially involved in the development of content strategy would not fall within the “time or space” exception" of the definition of the term "service provider" under the Consumer Financial Protection Act.