US EditionCFPB withdraws proposed rule cracking down on data brokers
- On Wednesday, the agency responsible for regulating consumer financial matters announced it is retracting a Biden-era regulation that aimed to limit the sale of Americans' private data by data broker companies.
- The withdrawal comes after numerous public concerns were raised regarding legal and practical issues, along with the CFPB’s decision to update how it views the Fair Credit Reporting Act .
- The rule aimed to regulate data brokers by subjecting them to the Fair Credit Reporting Act, imposing privacy and accuracy requirements on the handling and sale of sensitive information such as Social Security numbers.
- Acting Director Russell Vought said the proposal no longer aligns with the bureau's current policy goals, while Consumer Reports warned the withdrawal leaves consumers vulnerable to identity theft.
- Withdrawing the rule ends a key Biden-era effort to regulate the data broker industry and may increase risks of fraud and misuse of personal data amid ongoing privacy debates.
17 Articles
17 Articles
Trump administration scraps Biden-era plan to limit sale of Americans’ personal data - Hawaii Tribune-Herald
The U.S. Consumer Financial Protection Bureau is scrapping a proposal issued under former President Joe Biden that would have sharply limited the sale of Americans’ private information by “data brokers,” according to a Federal Register notice issued Wednesday.
Trump administration scraps Biden-era plan to limit sale of Americans' personal data
The U.S. Consumer Financial Protection Bureau is scrapping a proposal issued under former President Joe Biden that would have sharply limited the sale of Americans' private information by data brokers, according to a Federal Register notice issued Wednesday.
CFPB withdraws proposed rule cracking down on data brokers
The Consumer Financial Protection Bureau (CFPB) is withdrawing a Biden-era proposal that sought to rein in the sale of Americans’ personal information by data brokers. In a federal register notice filed Wednesday morning, acting CFPB Director Russell Vought said the agency had determined the rule was “not necessary or appropriate at this time,” pointing to “updates…
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