CFPB Quietly Kills Rule to Shield Americans From Data Brokers
1 min read
Summary
The Consumer Financial Protection Bureau (CFPB) has abandoned plans for new rules designed to prevent American data brokers from selling personal details, including credit history and Social Security numbers, without consent.
The proposed regulation, to have been put in place under former CFPB director Rohit Chopra, was seen as a means to limit commercial surveillance practices that threaten personal and national security.
However, acting CFPB director Russell Vought withdrew the proposal as he said it was no longer deemed “necessary or appropriate” and it did not align with the agency’s “current interpretation of the FCRA”.
This is being seen as a win for the data broking industry, which is worth billions and operates largely without individuals’ awareness or agreement.
Although such information sells for purposes ranging from marketing to law enforcement surveillance, data brokers’ practices can also be harmful, even violent.
