The sale of Americans' financial data is particularly valuable to malicious actors, because it provides exploitable insights - that in some cases, are not found elsewhere - into personal debts, gambling problems, marital fissures, overseas bank accounts, and other sensitive matters that can be opportunities for blackmail, pressure, and recruitment.
CFPB needs to adequately address the national security risks tied to the collection, aggregation and sale of Americans' personal data by data brokers.
The forthcoming rule was born out of an executive order signed by President Joe Biden this year, focused on preventing masses of Americans' sensitive personal data from falling into the hands of foreign adversaries.
The letter underscores that while CFPB is focusing on consumer privacy and data protection, it may not be considering how these data practices expose sensitive information about U.S. citizens - especially government employees, military personnel, and law enforcement - to exploitation by foreign adversaries.
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