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US Government Considers Legal Action Over Meta's Use of Financial Data for Ads
The Washington Post reports that America's Consumer Financial Protection Bureau (or CFPB) "is considering legal action against Meta over allegations that it improperly used financial data obtained from third parties in its highly-lucrative advertising business..." The article says a Meta securitie...
The bureau formalized its tech crackdown in 2021, when Chopra ordered companies including Facebook to turn over records related to their payment apps and other financial service offerings. At the time, he expressed fear that these giants already possessed troves of customer data and could solidify their dominance if they gained greater insight into users' purchasing and spending habits. Since then, the watchdog agency has proposed new rules that could treat Apple, Google and PayPal-owned Venmo more like banks, opening the door for federal regulators to inspect some of their operations in a bid to protect users' deposits.
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