Goevry

Top Menu

  • DMCA
  • Privacy Policy
  • Contacts

Main Menu

  • Travel & Lifestyle
  • Fashion
  • Health & Beauty
  • Science & Tech
  • Gift Guides
  • Buying Guides
  • DMCA
  • Privacy Policy
  • Contacts

logo

Header Banner

Goevry

  • Travel & Lifestyle
    • More States Are Screening for Dyslexia. We Need a Plan for What ...

      September 22, 2023
      0
    • Students Know What They’re Looking for Online. Are Colleges Delivering What They ...

      September 21, 2023
      0
    • Evidence Is Mounting That Calculus Should Be Changed. Will Instructors Heed It?

      September 20, 2023
      0
    • One Day, AI Will Make Teaching Obsolete. As Educators, We Have a ...

      September 20, 2023
      0
    • Will Virtual Reality Lead More Families to Opt Out of Traditional Public ...

      September 19, 2023
      0
    • More Than a Standard: Getting Back to the Heart of Education

      September 18, 2023
      0
    • After Affirmative Action, My Black Daughter Wonders, ‘Do I Belong at a ...

      September 15, 2023
      0
    • Redesigning School Buildings to Stand Up to Climate Change

      September 14, 2023
      0
    • Behind the Data: Uncovering New Truths in School Librarian Employment

      September 13, 2023
      0
  • Fashion
    • Summer Fridays Mint Balm Is Here + More Beauty News

      September 22, 2023
      0
    • A Levi's Crocs Collaboration Is Here + More Fashion News

      September 22, 2023
      0
    • Leighton Meester Black Tights: She Channels Blair Waldorf in Milan

      September 21, 2023
      0
    • '90s Supermodels Had Iconic Street Style — Here's How To Recreate It

      September 20, 2023
      0
    • London Fashion Week Spring 2024: The Biggest Standout Moments

      September 19, 2023
      0
    • LFW SS24 Street Style: The Best Looks at London Fashion Week

      September 18, 2023
      0
    • Spring 2024 Beauty Trends: The Best From New York Fashion Week

      September 15, 2023
      0
    • Sarah Burton Exits Alexander McQueen + More Fashion News

      September 15, 2023
      0
    • Glossier Drops A Bubbly Bath Bar + More Beauty News

      September 15, 2023
      0
  • Health & Beauty
    • Dear Abby: Living with my husband is intolerable but ... I dread ...

      September 24, 2023
      0
    • Dear Abby: Woman who loves to travel says her husband is baggage ...

      September 23, 2023
      0
    • Dear Abby: Would it be wrong to ask my biological mother for ...

      September 22, 2023
      0
    • Dear Abby: Son neglects his aging mom when possessive women are in ...

      September 21, 2023
      0
    • Dear Abby: I got angry when my fiancé referred to a co-worker ...

      September 20, 2023
      0
    • Field Hockey: Temkin powers Montclair Kimberley past Glen Ridge (PHOTOS)

      September 19, 2023
      0
    • Dear Abby: Surly neighbor alienates good samaritan

      September 18, 2023
      0
    • New Jersey was a sanctuary state until it wasn’t | Sheneman

      September 17, 2023
      0
    • Dear Abby: Sister keeps new romance a secret

      September 16, 2023
      0
  • Science & Tech
    • Taiwan is using generative AI to fight Chinese disinfo

      September 22, 2023
      0
    • Boeing is using Fortnite’s game engine to upgrade B-52s

      September 22, 2023
      0
    • Shutdown looms despite House GOP claims of progress toward spending plan

      September 21, 2023
      0
    • Ukraine downed a hypersonic missile with a Patriot. What that says about ...

      September 21, 2023
      0
    • U.S. government shutdown could slow weapons transfers to Ukraine, Taiwan

      September 20, 2023
      0
    • Defense Business Brief: AFA wrap; 155mm production to rise; F-35 moves; and ...

      September 19, 2023
      0
    • Six reasons the Pentagon should retire ‘deterrence by denial’

      September 17, 2023
      0
    • Army recruiting: better than last year, still short of goal, officials say

      September 15, 2023
      0
    • Today's D Brief: Ukraine liberates village, hits Russian warships; China investigates military ...

      September 15, 2023
      0
  • Gift Guides
  • Buying Guides
  • Dear Abby: Living with my husband is intolerable but … I dread hurting him

  • From SaaS Company to Full-stack Tech Platform, Zoho offers an All-in-One Solution to Businesses

  • Dear Abby: Woman who loves to travel says her husband is baggage she’d rather not bring

  • LG takes CSR Project to Federal Medical Centre Abuja, donates Products, Mosquito Nets & Baby Care Kits

  • Taiwan is using generative AI to fight Chinese disinfo

  • Boeing is using Fortnite’s game engine to upgrade B-52s

  • Summer Fridays Mint Balm Is Here + More Beauty News

  • A Levi’s Crocs Collaboration Is Here + More Fashion News

All
Home›All›Secretary Chopra’s prepared remarks at the 2022 National Bar Association Presidential Summit

Secretary Chopra’s prepared remarks at the 2022 National Bar Association Presidential Summit

By admin1
August 10, 2022
28
0
Share:


Thank you for coming to Iowa to talk about consumer protection in the digital world. The pandemic has accelerated the digitization of our daily lives. Health, transportation, education and many other things have been transformed.

Financial services are no exception. Banks are opening storefronts in the metaverse. Relationship banking is at risk of being completely superseded by algorithmic banking.

Financial privacy and confidentiality were once seen as the touchstones of the banking system, but big tech companies’ interest in finding new ways to collect and monetize personal financial data is growing. Businesses are looking for data about what we spend our money on and where we buy it.

Over the years, state attorneys general have often led prosecutions over abuses by financial and technology companies. Increasingly, activities in both industries are converging.

Today, I would like to talk about the evolution of the advertising model. Next, we discuss former Housing Secretary Ben Carson’s complaints about his Facebook. This shows the big difference between traditional advertising and today’s digital he marketing. Finally, I would like to conclude with a discussion of the role of state enforcement agencies in cracking down on illegal activity at the intersection of consumer finance and digital marketing.

Escape from “time” and “space”

Advertising has long been a way for companies to increase awareness of their products and brands. For decades, radio, television and newspapers have provided the best advertising space. Broadcasters sold advertising time on radio and television programs, and newspapers sold page space.

A generation ago, we started seeing the advertising business take shape in the digital world. “Banner ads” and “pop-up ads” are the digital equivalent of newspaper ads. This was a big shift in the advertising market, but in many ways the fundamentals remained the same. In other words, a company bought time or space for advertising.

Today’s digital world is very different. The ads you see when watching videos on YouTube are different from commercial broadcasts on TV. YouTube wants commercials aimed at you. YouTube may earn money not only from views, but also from actions such as ad clicks.

If two people watch the same YouTube video, they will see different ads. These ads are personalized based on a psychographic profile created for each individual user by monitoring the devices and services accessed across the digital world. Also, today’s banner ads are different from the rotating billboards you see at stadiums. Banner ads target individuals, and networks run by big tech companies and other digital he marketing players can use the technology to essentially track you across the digital world with the same ads. A growing number of Americans are experiencing the feeling of being digitally stalked by certain advertising content.

Instead of replaying the same sales pitch over and over like TV commercials, digital marketing technology can deploy a digital sales force with detailed dossiers that are personalized for each consumer you sell to. The platforms with the greatest ability to target ads are those that accumulate vast amounts of personal data. Most people are increasingly realizing that this is not traditional passive advertising. It’s an amalgamation of advertising, private detectives, and digital door-to-door salespeople.

In particular, newsstand-purchased print magazine publishers sell space to give advertisers access to “features,” but today’s digital marketing is focused on user behavior, such as tracking sales conversions. are often monetized. This is more like a commission paid to a salesperson than typical advertising. Social media platforms and other ad networks are more than just a business of displaying ads, they are part of persuasion, a role that corporate marketing and product development departments have played for years.

Carson’s Complaint

The difference between simply providing “time” or “space” for advertising versus providing a physical service was the then-Housing and Urban Development secretary against Facebook, who alleged violations of the Fair Housing Act in 2019. It took center stage in Ben Carson’s accusations.

According to Carson’s complaint, Facebook helped advertisers limit the audience of their ads, allowing advertisers to target specific groups of people by excluding protected classes.

Carson’s complaint includes allowing advertisers to show ads only to men or women, not showing ads to people who may have disabilities, and showing ads to people of interest in certain countries. It includes examples of what not to do. Facebook allowed advertisers to not show ads to people within certain geographies or zip codes.

Carson’s complaint also states that Facebook’s tools are designed to maximize consumer engagement with advertising. For example, its Lookalike Audiences feature uses extensive behavioral data to create composite consumers who are most likely to engage with your ads. Facebook can then identify users similar to the composite and serve targeted ads. This feature can effectively filter out those who do not appear to be composite consumers.

To clarify: Ads were not shown to unselected groups, regardless of protected class. It prevented advertisers who wanted to reach a demographic from doing so. Even if an advertiser tries to target an audience that spans a broad spectrum of protected class groups, Facebook’s ad serving system will not allow diversity if the system determines that users with certain characteristics are most likely to engage with an ad. We don’t show ads to a large audience. Carson’s complaint argued that this was discriminatory and violated the Fair Housing Act.

As with Carson’s complaint, state attorneys general are already beginning to recognize that these platforms are not passive advertisers. The State of Washington recognizes that Facebook’s development and operation of a digital marketing platform that targets or excludes consumers based on certain immutable characteristics is illegal under state laws prohibiting unfair or deceptive conduct or practices. argued to be fair.

State Enforcement in the Financial Services Sector

This brings me to the state’s role in policing illegal activity in consumer financial services. As we have discussed with you before, Congress sought to redress the extreme abuses of the Office of the Comptroller of the Currency in the 2000s to undermine state legislatures and state law enforcement agencies that seek to protect consumers. In particular, the Consumer Financial Protection Act expressly authorizes states to take law enforcement action against covered financial firms, limiting the likelihood of a repeat abuse of federal preemption.

Congress has also long understood that service provider responsibilities are critical to ensuring sound oversight of banks and other financial firms, and the Consumer Financial Protection Act allows states to prevent a variety of fraudulent activities. It also allows prosecution of service providers in

Of course, some service providers do not play any significant role in the provision of financial products and services. Therefore, the Act exempts service providers who provide ministry services and service providers who “single” provide “time or space” for advertising.

However, when it comes to modern digital marketing platforms, these companies offer no space for static billboards. Instead, they are rewarded for identifying and analyzing potential users’ personal data, often turning user interactions into revenue for financial companies.

The services and tools a digital marketing company offers are important. Because it is these services (data, algorithms, platforms) that enable increased consumer engagement and advertising interaction. Without this service, the financial institution would have wanted to place ads on his website and be viewed by desired audiences.

Today, the CFPB issued a rule of interpretation explaining that the “time or space” service provider exemption generally does not apply to digital marketing services offered by major platforms. They may offer space for advertising, but these companies mix in many other features that go well beyond the exemption.

This makes us liable for violations of the Consumer Financial Protection Act in the event of fraud related to consumer financial products or services. These claims may be pursued by state attorneys general.

Conclusion

Relationship banking is under threat today. This is partly because our sensitive data is seen as more valuable to businesses than we actually are. Rather than encouraging tech giants to rush to seize our sensitive financial data or to circumvent existing laws that other companies must comply with, technological advances are helping us should contribute to the economic and social progress of It is important that we all work together to address this issue.

Our Interpretive Rules complement many other initiatives the CFPB is taking to prepare for the future of consumer finance as technology companies expand their reach. We have endeavored to limit abuse of the indemnifications granted by We cannot circumvent our obligation to clearly explain why a company refuses credit or otherwise makes an unfavorable decision simply because it used a complex algorithm that we do not understand. issued a legal interpretation confirming the We have ordered major tech companies to submit information about their plans to track our payments through digital wallets and how to kick participants off their payment platforms. I’ve relaunched the whistleblowing program to contact techs who have information about cheating. We have technologists and other experts on board to help assess data abuse and misuse, digital redlines, and more.

We are also working on new rules to give consumers more control over their financial data, using long-lost permissions. It also examines how certain activities of technology companies qualify for consumer reporting under the Fair Credit Reporting Act.

And of course, we are committed to helping you meet the new challenges of the digital world and fully supporting state enforcement of the Consumer Financial Protection Act. In exercising or attempting to exercise power under the law, the CFPB remains a partner in rooting out lawbreakers and keeping markets fair for consumers and honest businesses.



Source link

Previous Article

ACs, climate change, and the future of ...

Next Article

How Trump changed Facebook – Vox

0
Shares
  • 0
  • +
  • 0
  • 0
  • 0

Related articles More from author

  • All

    4 technologies to help you build your brand

    September 10, 2022
    By admin1
  • All

    Mediwelcome Announces 2022 Interim Results

    September 23, 2022
    By admin1
  • All

    The latest in social advertising

    August 24, 2022
    By admin1
  • All

    Thousand Oaks-Based SEO Firm Streamline Results Offers Premium Google Business Profile Optimization Service

    September 13, 2022
    By admin1
  • All

    Improve your network, business and life

    August 24, 2022
    By admin1
  • All

    Q&A: Marlita Bevenue, owner of Marlita Media Solutions, is a visual storyteller | News

    September 4, 2022
    By admin1

Leave a reply Cancel reply

You may interested

  • Science & Tech

    Capito and Manchin Announce $4.7 Million in National Science Foundation Grants

  • Science & Tech

    Hillsdale College Academy for Science and Freedom Issues Statement on Ethical Principles of Public Health

  • Science & Tech

    Sexual harassment plagues Antarctic research.chemistry

Recent Post

Health & Beauty

Dear Abby: Living with my husband is intolerable but … I dread hurting him

DEAR ABBY: I have seriously thought about giving my husband an ultimatum and moving out for a while. Living with him is no longer tolerable. His children support me 100%. ...
  • From SaaS Company to Full-stack Tech Platform, Zoho offers an All-in-One Solution to Businesses

    By admin1
    September 23, 2023
  • Dear Abby: Woman who loves to travel says her husband is baggage she’d rather not bring

    By admin1
    September 23, 2023
  • LG takes CSR Project to Federal Medical Centre Abuja, donates Products, Mosquito Nets & Baby Care Kits

    By admin1
    September 22, 2023
  • Taiwan is using generative AI to fight Chinese disinfo

    By admin1
    September 22, 2023
  • Boeing is using Fortnite’s game engine to upgrade B-52s

    By admin1
    September 22, 2023
  • Summer Fridays Mint Balm Is Here + More Beauty News

    By admin1
    September 22, 2023
  • A Levi’s Crocs Collaboration Is Here + More Fashion News

    By admin1
    September 22, 2023

Categories

  • All (1,113)
  • Fashion (1,179)
  • Health & Beauty (1,177)
  • Science & Tech (1,178)
  • Travel & Lifestyle (1,176)
logo

Goevry is not just another run-of-the-mill magazine; it's a transformative journey that transcends the boundaries of traditional fashion publications. Our team of passionate experts, seasoned fashionistas, and visionary writers collaborate to curate a diverse range of thought-provoking features that delve into the very essence of style, culture, and identity.

  • Recent

  • Popular

  • Dear Abby: Living with my husband is intolerable but … I dread hurting him

    By admin1
    September 24, 2023
  • From SaaS Company to Full-stack Tech Platform, Zoho offers an All-in-One Solution to Businesses

    By admin1
    September 23, 2023
  • Make Realtionship Years Lights Fill Kind In USA

    By admin1
    January 12, 2020
  • Events Held In Paris Beautifull And Amazing Things

    By admin1
    January 12, 2020

Follow us

  • DMCA
  • Privacy Policy
  • About Us
  • Contacts
©2023 Copyright Goevry | All Rights Reserved.