The Consumer Financial Protection Bureau (CFPB) has abandoned plans to classify certain data brokers as consumer reporting agencies, which would have subjected them to stricter regulations concerning the sale of sensitive personal data. Initially proposed to enhance data accuracy and protect consumer privacy, these rules emerged in light of increasing concerns over data misuse during scandals. The withdrawal of the proposed rules signals a continued gap in oversight, allowing data brokers to operate with less accountability, raising fears about potential misuse of consumer data and privacy violations.
The reason so many apps are so grabby is that data brokers effectively have an all-comers-welcome open offer for data they generate.
The Consumer Financial Protection Bureau has determined that legislative rulemaking is not necessary or appropriate at this time to address the subject matter of the NPRM.
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