Q: Are there any licences/regulations required for personal finance websites w/affiliate links for loans, credit card, etc?
Curious about starting a website like Nerdwallet or Bankrate.com, where we write articles about financial products/services and have affiliate links to personal loan companies, credit cards, insurance, investments, loans, etc. We wouldn't provide any goods/services ourselves, but would just be affiliate marketers for banks, lenders, brokerages, etc. Are there any licenses or regulations we would need to follow? Thank you!
This is not legal advice.
Perhaps. There certainly are regulations that personal finance websites must follow when selling or promoting financial investments and tools. You may consider investigating whether or not the website is required to disclose any material connections or financial incentives that it has with the companies it is linking to.
You might also consider learning about the Federal Trade Commission which may require websites to disclose certain facts. It might include affiliate relationships, where the website earns a commission if a visitor clicks on a link and applies for a loan or credit card. Regardless as to whatever you conclude, you might consider a voluntary clear and conspicuous disclosure.
It is also possible that websites that offer loans or credit cards must comply with other state and (non-FTC) federal regulations and agencies. In furtherance of that, you might consider learning about the Truth in Lending Act, and the Equal Credit Opportunity Act.
You're on the right track, but you might be further ahead hiring an attorney to offer legal advice and to help you through this.
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