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CFPB Proposes Rule to Block Data Brokers Gravy and Venntel from Selling Americans' Sensitive Location Data

Dec 3, 2024, 01:45 PM

The 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 initiative comes in response to concerns over the misuse of such data by scammers, foreign adversaries, and abusive domestic partners. The proposed regulation seeks to amend existing definitions under the Fair Credit Reporting Act to classify data brokers as consumer reporting agencies, thereby imposing stricter oversight on their operations. The CFPB's announcement indicates a growing focus on consumer privacy and data protection, especially following significant data breaches earlier in the year. Additionally, the Federal Trade Commission (FTC) has taken action against data brokers Gravy and Venntel for unlawfully selling location data, highlighting ongoing regulatory efforts to curb the practices of data brokers in the United States.