CFPB Proposes New Rules to Regulate Data Brokers in Boost for Consumer Privacy

The Consumer Financial Protection Bureau (CFPB) is aiming to introduce new regulations targeting data brokers involved in selling personal information. The proposed rule would classify the sale of data such as credit history, credit score, debt payments, or income by data brokers as equivalent to selling credit reports, thereby bringing these transactions under the purview of the Fair Credit Reporting Act (FCRA), according to the source article. This move signals an increasing focus by the federal agency on enhancing consumer data protection and could potentially alter how data brokers operate, aligning sales activities with the stringent requirements of credit report sales.