WASHINGTON, D.C. – Interactive Advertising Bureau (IAB) has filed a public comment with the Consumer Financial Protection Bureau (CFPB) supporting proposed rules guaranteeing consumers access to their personal financial data, while challenging provisions that would prevent companies from advertising and marketing their products and services, activities the CFPB describes as unreasonable and unnecessary. To the contrary, IAB asserts that data-driven digital advertising and marketing are critical to businesses and consumers, and parts of the CFPB’s Notice of Proposed Rulemaking (NPRM) on Personal Financial Data Rights violate the clear intent of federal law empowering consumers to make informed choices.
According to IAB, the CFPB’s “unlawful” interpretation of 2010’s Dodd-Frank Wall Street Reform and Consumer Protection Act threatens consumers’ ability to understand and access online services including banking and budget apps, tax assistance, and subscription management tools. The CFPB is the latest federal agency to minimize constitutional protections for commercial speech, encompassing advertising and marketing communications. Rather than empowering consumers, the CFPB proposes to restrict consumers’ rights to enter mutually beneficial agreements with financial services providers and their partners, argues IAB.
“Our industry fully supports data access, transparency, and protection for consumers,” said IAB Executive Vice President for Public Policy Lartease Tiffith. “However, the CFPB is overstepping its authority to attack digital advertising. Digital advertising empowers small businesses and consumers. It powers the open internet, including open banking, which the CFPB aims to promote. We’re encouraging the agency to consider the value of data and digital advertising to innovation, jobs and economic growth, and to rethink this troubling element of the NPRM that would harm consumers’ ability to improve their financial understanding and wellbeing.”
The CFPB joins the Federal Trade Commission (FTC) in proposing to restrict or eliminate data-driven digital advertising supporting millions of jobs and free online content and services for millions of Americans. IAB is aggressively advocating for the industry in Washington, D.C., state capitals, and internationally.
About IAB
The Interactive Advertising Bureau empowers the media and marketing industries to thrive in the digital economy. Its membership comprises more than 700 leading media companies, brands, agencies, and the technology firms responsible for selling, delivering, and optimizing digital ad marketing campaigns. The trade group fields critical research on interactive advertising, while also educating brands, agencies, and the wider business community on the importance of digital marketing. In affiliation with the IAB Tech Lab, IAB develops technical standards and solutions. IAB is committed to professional development and elevating the knowledge, skills, expertise, and diversity of the workforce across the industry. Through the work of its public policy office in Washington, D.C., the trade association advocates for its members and promotes the value of the interactive advertising industry to legislators and policymakers. Founded in 1996, IAB is headquartered in New York City.
IAB Media Contacts
Kate Tumino / Brittany Tibaldi
212-896-1252 / 347-487-6794
[email protected]/ [email protected]
