Meta Threatened With CFPB Lawsuit Over Financial Product Ads

Facebook parent Meta Platforms Inc. is confronting a potential lawsuit from the Consumer Financial Protection Bureau over advertising and disclosure practices, the company said.

CFPB staff informed Meta on Sept. 18 that it is weighing potential legal action related to advertising for financial products on the company’s platforms, which include photo-sharing platform Instagram and messaging service WhatsApp, the company revealed in a Thursday securities filing.

The CFPB is also looking into disclosures and controls regarding third-party advertising for financial products, Meta said in its quarterly report for the third quarter of 2024.

“We disagree with the claims staff is considering ...