It is time to de-platform Facebook. We’ve done it and the CFPB should do the same. There is by now a mountain of evidence as to Facebook’s harmful and abusive business practices. The harm done to teenage girls is particularly infuriating to parents. We do not believe it is possible to engage in ethical advertising and use Facebook in any way. Therefore, we will not use, fund, or patronize Facebook or its products. It appears that the CFPB has jurisdiction to bring meaningful enforcement against Facebook. The CFPB can fine companies $1 million per day per violation if those violations are abusive or deceptive and they relate to a financial product or service. The definition of “consumer financial product” in the statute is broad enough to cover Facebook’s consumer offerings. Other regulators have so far proved ineffective in policing the pervasive abuses at Facebook. The CFPB should turn its formidable enforcement authority on a target that richly deserves it.
Sunstone is a trust company chartered by the State of California (Certificate of Authority No. 2676). Sunstone is also a member of the Association of Trust Organizations, the Long Beach Area Chamber of Commerce, and the Greater Irvine Chamber.