Meta disclosed in a public filing that an investigation by the Consumer Financial Protection Bureau (CFPB) related to financial product advertising on platforms Instagram and WhatsApp may lead to a lawsuit.
Meta received a notice from the CFPB on Sept. 18 that staff may recommend to Director Rohit Chopra that the agency take legal action against the company, alleging violations of the Consumer Financial Protection Act, including the “receipt and use for advertising of financial information from third parties through certain advertising tools” as well as “related user disclosures and controls,” the company said in a securities filing Thursday.
