[blindriver]

CFPB was responsible for trying to fine creative ways to control other companies, and by debanking others. This was Elizabeth Warren’s doing and a complete farce. As Zuckerberg said, Meta was brought in front of the CFPB by Warren and he was confused because Meta isn’t a bank.

[hypothesis]

Was it before or after he tried to pull off that Libra thing?

[pavlov]

I worked at Facebook when the Libra thing happened, and it was obviously meant to be a global bank that evades banking regulations by sprinkling crypto magic.

When it launched, employees were told that we'd soon be able to receive a portion of our salaries in Libra. Every practical feature of the system was effectively a Facebook bank account where the unit of currency was tied to a basket of major currencies. The rest was smoke and mirrors.

So yeah, Zuck feigning surprise about being dragged in front of CFPB was just an act (like most of what he does in public).

[oblio]

> When it launched, employees were told that we'd soon be able to receive a portion of our salaries in Libra.

LOL, crypto-company scrip (https://en.wikipedia.org/wiki/Company_scrip) coupled with a touch of pump (and possibly dump).

[unethical_ban]

I'll have to look into that. But giving these people any good faith is quite charitable to say the least.

[turtlesdown11]

> CFPB Warns that Digital Marketing Providers Must Comply with Federal Consumer Finance Protections > Tech firms that use behavioral targeting of individual consumers regarding financial products are liable for violations

Oh, ok.