7/26/22-Director Chopra’s Prepared Remarks to the Financial Literacy and Education Commission
- July 26 2022
- By: info@njcfe.org
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Director Chopra’s Prepared Remarks to the Financial Literacy and Education Commission
July 14, 2022 | consumerfinance.gov
Rohit Chopra is Director of the Consumer Financial Protection Bureau. The CFPB is a unit of the Federal Reserve System charged with protecting families and honest businesses from illegal practices by financial institutions and ensuring that markets for consumer financial products and services are fair, transparent, and competitive.
“Each year, large financial institutions spend billions of dollars on marketing materials, which are not required to be complete or objective. For every $1 spent by financial educators, $25 is spent on financial marketing. Using modern advertising technologies, like behavioral advertising on social media platforms, firms can target consumers and businesses by leveraging detailed psychographic information. Some of this marketing can even be disguised as neutral information.”