The CFPB has proposed a new rule to regulate data brokers under the Fair Credit Reporting Act, aiming to protect sensitive consumer financial data from misuse.
By classifying data brokers as consumer reporting agencies, the CFPB intends to enforce compliance with the Fair Credit Reporting Act, ensuring consumer information is properly protected.
Director Rohit Chopra emphasized the dangers of data brokers selling personal data without consent, stating it can lead to scamming, stalking, and threats to national security.
The proposed changes mandate that companies must secure clear consent from consumers to access their credit reports, as opposed to relying on fine print permissions.
#consumer-financial-protection-bureau #data-privacy #data-brokers #regulatory-compliance #financial-safety
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