Posted by Nick Porcell
WASHINGTON (AdAge.com) -- If you think privacy and blogging rules are the biggest regulatory issues in Washington this fall, think again.
Controversial legislation winding its way through the House to create a Consumer Finance Protection Agency would establish a whole new regulatory system for financial-services advertising. One provision, according to media industry advocates, could make media outlets liable for running financial advertisements the new agency deems misleading.
Those advocates raise the specter of media outlets being forced to hire experts to study advertisements from financial services companies.
The legislation would also restructure the Federal Trade Commission, the ad industry's main regulator, by shifting much of its regulatory authority and resources to the new agency.
"The whole advertising community should be concerned about this," said Dan Jaffe, exec VP of the Association of National Advertisers.
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