A senior official under the Trump administration has revoked a proposed rule aimed at restricting data brokers from selling Americans' personal and financial information, including sensitive data like Social Security numbers. This was intended to close a loophole in the Fair Credit Reporting Act, which would have held data brokers accountable under privacy regulations. The decision, made by CFPB acting director Russell Vought, signals a shift away from consumer data protection, despite increasing concerns from privacy advocates about the risks posed by the unregulated data brokering industry.
âThe rule would have treated data brokers no differently than any other company covered under the federal law, and would have required data brokers to comply with the law's privacy rules.â
âData brokers are part of a multi-billion dollar industry of companies that profit from collecting and selling access to vast amounts of Americans' personal and financial information.â
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