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Complete Story
10/04/2023
New CFPB Rules Are Coming for Data Brokers
Faegre Drinker
At a Glance
- A data broker’s sale of data relating to a consumer’s payment history, income and criminal records would generally fall within the scope of a “consumer report” according to FCRA.
- A second proposal will clarify the extent to which credit header data constitutes a consumer report. This includes individual identifiers like name, date of birth, and Social Security number that data brokers often pull from traditional credit reporting agencies.
- A key outstanding question for the forthcoming rules is how broadly “data broker” will be defined.
The director of the Consumer Financial Protection Bureau (CFPB) recently announced that the agency will be developing new rules defining a data broker that sells certain types of consumer data as a “consumer reporting agency” under the Fair Credit Reporting Act (FCRA). The announcement, which was delivered at a White House Roundtable on Protecting Americans From Harmful Data Broker Practices, is designed “to ensure that modern-day data companies assembling profiles about individuals are meeting the requirements of FCRA.”
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