Market
How will data brokers adapt their business models due to CFPB's rule by end of 2025?
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Industry reports or verified news articles
Story
CFPB Proposes Rule to Block Data Brokers from Selling Sensitive Personal Data After National Public Data Breach
Dec 3, 2024, 10:45 AM
The U.S. Consumer Financial Protection Bureau (CFPB) has proposed a new rule aimed at restricting data brokers from selling sensitive personal and financial information of Americans. This proposed regulation addresses concerns regarding the misuse of private data by scammers, foreign adversaries, and other malicious actors. The CFPB's initiative seeks to amend existing regulations under the Fair Credit Reporting Act to broaden the definition of organizations classified as 'consumer reporting agencies' to include data brokers. The proposal is part of a broader effort to enhance consumer privacy and protect individuals from unauthorized data sales, particularly following incidents such as the National Public Data breach earlier in 2024.
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