Federal agency investigating how Meta uses consumer financial data for advertising

The Consumer Financial Protection Bureau notified Meta that it may pursue legal action alleging the company improperly obtained and used consumers’ financial data via its advertising tools, focusing on ads for financial products and services; Meta disputes the allegations while the CFPB may seek penalties and equitable relief. The filing comes amid broader scrutiny of Meta’s data practices, including prior FTC and EU actions, as the company reports strong ad-driven revenue.