CFPB Opens Data Broker Inquiry Ahead of Potential Rule Changes

The Consumer Financial Protection Bureau launched a broad inquiry into the market for consumer financial data, seeking information on how data brokers collect information with an eye toward potential new rules.

The information the CFPB is collecting from data brokers, financial institutions, individual consumers and other market participants will be used in bureau efforts to police the market, including “planned rulemaking” under the Fair Credit Reporting Act, the CFPB said in a Wednesday announcement.

Data brokers collect, sell, aggregate, resell and license information about consumers that can be used to craft credit reports and screening for potential job and housing ...