“The Consumer Financial Protection Bureau (CFPB) today proposed a rule to rein in data brokers that sell Americans’ sensitive personal and financial information. The proposed rule would limit the sale of personal identifiers like Social Security Numbers and phone numbers collected by certain companies and make sure that people’s financial data such as income is only shared for legitimate purposes, like facilitating a mortgage approval, and not sold to scammers targeting those in financial distress. The proposal would make clear that when data brokers sell certain sensitive consumer information they are “consumer reporting agencies” under the Fair Credit Reporting Act (FCRA), requiring them to comply with accuracy requirements, provide consumers access to their information, and maintain safeguards against misuse. “By selling our most sensitive personal data without our knowledge or consent, data brokers can profit by enabling scamming, stalking, and spying,” said CFPB Director Rohit Chopra. “The CFPB’s proposed rule will curtail these practices that threaten our personal safety and undermine America’s national security.” The data broker industry collects and sells detailed information about Americans’ personal lives and financial circumstances to anyone willing to pay. The CFPB’s proposal would ensure data brokers comply with federal law and address critical threats from current data broker practices..”

• Read today’s Notice of Proposed Rulemaking.
• Read a fact sheet about the proposal
• Comments must be received on or before March 3, 2025.
• Read Director Chopra’s remarks on the proposal.