Vought Urged to Withdraw CFPB Proposal Restricting Data Brokers

Industry groups called on the Consumer Financial Protection Bureau to rescind a Biden-era proposal that would subject data brokers to the same rules as consumer credit reporting companies.

The CFPB’s December proposal would restrict brokers’ ability to package and sell Americans’ personal and financial data, including by subjecting them to accuracy and dispute resolution requirements under the Fair Credit Reporting Act.

The proposed rule would also classify “credit header” data, such as a person’s Social Security number, address, and phone number, as a credit report. Doing so would allow data brokers to sell that data only for purposes allowed by ...