The CFPB has expressed concerns over Meta's data collection practices, specifically regarding how the company allegedly uses financial information to target advertisements, potentially violating consumer protection laws.
Meta's response to the CFPB's NORA highlights a defense against potential legal action, asserting that their data practices are legitimate and do not warrant enforcement actions.
The CFPB indicated that it 'may recommend' legal action against Meta for allegedly using financial data from third parties to enhance ad targeting, raising serious compliance questions.
Uncertainties remain about the outcome of the NORA process, as a potential lawsuit could impose significant financial penalties on Meta, depending on the agency's findings.
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