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.
News & Insights
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 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.
A CFPB advisory opinion on the obligations of consumer reporting agencies and consumer report users under the Fair Credit Reporting Act ("FCRA") became effective July 12th.
The CFPB reminded companies of their obligation to only use and share consumer credit reports and background reports when they have a "permissible purpose."