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The CFPB wants to rein in data brokers

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Illustration by Cath Virginia / The Verge | Photo from Getty Images

The Consumer Financial Protection Bureau wants to propose new regulations that would require data brokers to comply with the Fair Credit Reporting Act. In a speech at the White House earlier this month, CFPB Director Rohit Chopra said the agency is looking into policies to “ensure greater accountability” for companies that buy and sell consumer data, in keeping with an executive order President Joe Biden issued in late February.

Chopra said the agency is considering proposals that would define data brokers that sell certain types of data as “consumer reporting agencies,” thereby requiring those companies to comply with the Fair Credit Reporting Act (FCRA). The statute bans sharing certain kinds of data (e.g., your credit report) with…

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