The Consumer Financial Protection Bureau (CFPB), led by acting director Russell Vought, rescinded proposed regulations aimed at safeguarding Americans' sensitive data from data brokers. Initially introduced by Rohit Chopra, these rules required explicit consumer consent before data collection and emphasized the need for data brokers to comply with privacy standards under the Fair Credit Reporting Act. The CFPB's reasoning cited a public comment questioning the necessity of these rules. This decision is seen as a win for major data brokers and the advertising industry, undermining years of advocacy for consumer data privacy.
The withdrawal of the proposal is a victory for large data brokers such as Acxiom and Epsilon, and for the vast digital advertising ecosystem that uses their data.
Under the Biden administration's CFPB director, Rohit Chopra proposed rules intended to protect consumers from commercial surveillance practices that threaten personal safety and national security.
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