CFPB quietly gives the law to protect Americans from brokers
Financial consumer Office Conservation (CFPB) has canceled plans to introduce new rules designed to restrict US data brokers’ ability to sell sensitive information about Americans, including financial data, credit date and social security numbers.
CFPB proposed the new law in early December as a former director of Rohit Chopra, who said the changes were necessary to combat trade monitoring practices that “threaten our personal security and undermine US national security”.
The agency quietly announced the proposal on Tuesday morning after the announcement of the Federal Registration Declaration that it would no longer declare the law “necessary or appropriate”.
The CFPB received more than 600 people’s comments on the proposal this year, protecting Americans against harmful data brokers. The law is designed to ensure that data agents can obtain pre -sale or sharing sensitive personal information, including financial data such as income, Americans’ satisfaction. US Credit Agencies are currently obliged to follow such regulations under the law of fair credit reporting.
In his statement, CFPB CEO Russell Vase wrote that he has retained the proposal “with the updates of office policies”, and that the agency’s current interpretation of the FCRA is not coordinated, which he added CFPB in the revision process. “
CFPB did not immediately respond to the comment’s request.
Data brokers in a multi-billion-dollar industry are working on collecting and selling accurate personal information-often without knowledge or satisfaction. These companies create extensive profiles in almost every American, including very sensitive data such as the history of precise location, political affiliations and religious beliefs. This information is often repaid for purposes, including marketing, to monitoring law enforcement.
Many people are unaware that there are even brokers, let alone their personal information. In January, the Texas Prosecutor’s Office, led by Prosecutor General Kenne Pakson, accused Arytate – a data broker – who illegally collect, use and sell driving data from more than 45 million Americans to insurance companies without its consent.
The disadvantages of data agents can be severe – even violent. The Net Safety Project, part of the national network to end domestic violence, warns that people’s search websites, which collect data brokers’ information, can serve as a tool for abusers to track information about their victims.
Last year, Gravi’s analysis – which processes billions of places daily – created data violations that may expose the movements of millions, including politicians and military personnel.
“Russell Woj says the two -part -year -old part of the two parties ‘work to increase the monitoring and profitability of brokers’ data,” said Sean Whitka, the executive director of demand for the law, who supports the law. “By retreating from the CFPB data brokerage, the Trump administration ensures that Americans are bombed using fraudulent texts, calls and emails, and military members and their families can be targeted by espionage and blackmail,” Vitka added.
