The CFPB aims to "rein in" data brokers who evade federal law by claiming exemption from the Fair Credit Reporting Act, thus enhancing consumer data protection.
Rohit Chopra, CFPB director, stated the new rules would "curtail the widespread evasion" of the FCRA, holding data brokers accountable for their actions.
The proposed rule would treat data brokers similarly to credit bureaus, ensuring consistent protections under the FCRA for the selling of sensitive personal information.
Acknowledging the "staggering" issue of data brokers profiting from the sale of Americans' personal details, the CFPB intends to close regulatory loopholes.
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