The Consumer Financial Protection Bureau has cancelled a proposed rule that would impose Fair Credit Reporting Act requirements on data brokers in a bid to better control the sale of Americans' personal information, according to The Hill.
Such a rule, which was floated near the end of the Biden administration, was no longer in adherence with the CFPB's interpretation of the FCRA, which will soon be subjected to changes, said Acting CFPB Director Russell Vought. However, the move has been lambasted by consumer and watchdog organizations, with Consumer Reports policy analyst Matt Schwartz saying that the withdrawal of the proposed rule would only result in the further exposure of consumers' data, including Social Security numbers, which could be weaponized by threat actors in illicit activity. "This decision is just the latest troubling move by this administration to abandon the CFPB's critical mission to protect consumers," added Schwartz.
Such a rule, which was floated near the end of the Biden administration, was no longer in adherence with the CFPB's interpretation of the FCRA, which will soon be subjected to changes, said Acting CFPB Director Russell Vought. However, the move has been lambasted by consumer and watchdog organizations, with Consumer Reports policy analyst Matt Schwartz saying that the withdrawal of the proposed rule would only result in the further exposure of consumers' data, including Social Security numbers, which could be weaponized by threat actors in illicit activity. "This decision is just the latest troubling move by this administration to abandon the CFPB's critical mission to protect consumers," added Schwartz.
