The US Consumer Financial Protection Bureau (CFPB) has withdrawn its proposed rule to limit data brokers from selling personal information, reversing its stance on consumer privacy protection. This withdrawal has raised alarms about the increased risk of identity theft and discrimination in data use. Critics, including industry analysts, argue that this decision negatively affects public trust in online security. The CFPB cites legal concerns about its authority under the Fair Credit Reporting Act and updates to its policy objectives as reasons for this reversal.
"With the CFPB stepping back from regulating data brokers, American consumers face intensified risks of identity theft, behavioural profiling, and discriminatory targeting."
"The Bureau is withdrawing this NPRM in light of updates to Bureau policies and its changed policy objectives, which do not align with the proposed regulation."
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