CFPB Quietly Kills Rule to Shield Americans From Data Brokers

https://www.wired.com/story/cfpb-quietly-kills-rule-to-shield-americans-from-data-brokers/

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https://archive.li/zYlMJ

THE CONSUMER FINANCIAL Protection Bureau (CFPB) has cancelled plans to introduce new rules designed to limit the ability of US data brokers to sell sensitive information about Americans, including financial data, credit history, and Social Security numbers.

CFPB proposed the new rule in early December under former director Rohit Chopra, who said the changes were necessary to combat commercial surveillance practices that “threaten our personal safety and undermine America’s national security.”

The agency quietly withdrew the proposal on Tuesday morning, issuing a notice published in the Federal Register declaring the rule no longer “necessary or appropriate.”

CFBP received more than 600 comments from the public this year concerning the proposal, titled “Protecting Americans from Harmful Data Broker Practices.” The rule was crafted to ensure that data brokers obtain Americans’ consent before selling or sharing sensitive personal information, including financial data such as income; regulations that US credit agencies are currently required to abide by under the Fair Credit Reporting Act, one of the nation’s oldest privacy laws.

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