The CFPB desires to rein in knowledge brokers

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Illustration by Cath Virginia / The Verge | Photograph from Getty Photographs

The Shopper Monetary Safety Bureau desires to suggest new laws that might require knowledge brokers to adjust to the Truthful Credit score Reporting Act. In a speech on the White Home earlier this month, CFPB Director Rohit Chopra stated the company is wanting into insurance policies to “guarantee higher accountability” for firms that purchase and promote client knowledge, in step with an government order President Joe Biden issued in late February.

Chopra stated the company is contemplating proposals that might outline knowledge brokers that promote sure kinds of knowledge as “client reporting businesses,” thereby requiring these firms to adjust to the Truthful Credit score Reporting Act (FCRA). The statute bans sharing sure varieties of information (e.g., your credit score report) with…

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