The Consumer Bankers Association (CBA) is leveraging social media influencers to counter the Biden administration’s proposed regulations on the consumer finance industry. 

CBA’s campaign, featuring six TikTok influencers with a combined following of over 14 million, aims to educate young adults on credit card basics and options. 

“This information will help consumers better understand the credit card options available and ultimately choose a card that best fits their lifestyle, spending habits, and overall financial goals,” CBA President and CEO Lindsey Johnson said in a news release.

This effort comes as the banking industry opposes proposals to cap credit card late fees and overdraft charges. The administration’s push for these caps is partly based on concerns that consumers may be unaware of such fees.

Johnson emphasized the importance of meeting people “where they are” in today’s financial services market, mainly targeting young consumers. CBA did not disclose the campaign’s budget.

Influencers and Public Affairs

The use of influencers in public affairs campaigns is growing. 

According to Politico, a coalition including CBA has already employed financial content creators like The Points Guy to argue against proposed swipe fee legislation. Other industries, such as meat and dairy, are adopting similar strategies.

Foreign entities are also tapping into influencer marketing. In 2022, the Chinese Consulate General in New York spent $300,000 on an influencer campaign to promote the Beijing Winter Olympics.

Recent revelations show the Kremlin-backed outlet RT covertly running an online platform to distribute pro-Russian content. One conservative commentator reportedly earned up to $400,000 monthly, though federal prosecutors note some participants were unaware of the payment source.

In August, the Democratic National Committee (DNC) granted media credentials to 200 social media influencers for the convention in Chicago, marking the first time either major U.S. political party had officially included content creators in their convention press corps.