ARTICLE · 12 MARCH 2024

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CFPB Warns Digital Marketers About 'Abusive' Steering Practices

Cooley LLP

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On February 29, 2024, the Consumer Financial Protection Bureau (CFPB) issued Circular 2024-01.

United StatesFinance and Banking

Michelle Rogers

H. Joshua Kotin

Obrea Poindexter

James E. Dionne

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On February 29, 2024, the Consumer Financial Protection Bureau (CFPB) issued Circular 2024-01, warning operators of "digital comparison-shopping tools" and "lead generators" that they may be "covered persons" subject to CFPB jurisdiction and their activities may put them at risk of engaging in "abusive" acts or practices in violation of federal law.

Specifically, the circular describes in detail how certain advertising compensation models that incentivize the promotion of products in the operator or lead generator's financial interest over that of the consumer's may constitute an abusive act or practice. In light of this circular – and the CFPB's recent push to expand jurisdiction over nonbank providers of financial services – operators, their affiliates, and other financial institutions using online product comparison tools should review their marketing practices and third-party relationships.

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