The Consumer Financial Protection Bureau (CFPB) has withdrawn plans for new regulations aimed at restricting data brokers from selling sensitive personal information of Americans, including financial data. This proposal, initiated by former director Rohit Chopra, was intended to ensure data brokers obtained consent before sharing such information. However, acting director Russel Vought retracted it, claiming the rule no longer aligns with current Bureau policies and the Fair Credit Reporting Act, which is under revision. The absence of these regulations continues to allow data brokers to operate within a lucrative industry often utilizing consumers' information without consent.
The Consumer Financial Protection Bureau (CFPB) has canceled plans to introduce new rules designed to limit the ability of US data brokers to sell sensitive information about Americans.
CFPB proposed the new rule in early December under former director Rohit Chopra, stating it was necessary to combat surveillance practices that threaten personal safety and national security.
Acting director Russel Vought withdrew the proposal, noting it did not align with the agency's current interpretation of the Fair Credit Reporting Act.
Data brokers operate within a multi-billion-dollar industry that collects and sells personal information, often without individuals' knowledge or consent.
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