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Marketplace All-in-One
Consumer agency seeks to limit data sales, combat “digital surveillance”
Dec 11, 2024
Rohit Chopra, Director of the Consumer Financial Protection Bureau, is on a mission to preserve consumer privacy in an age of rampant data sales. He discusses the dangers of sensitive information being sold to both banks and scammers alike. Chopra highlights a proposed rule to restrict data brokers and advocates for stronger consumer protection measures. The conversation reveals the shocking reality of digital surveillance and the urgent need for regulations that enhance transparency and accountability. Additionally, he touches on California's Delete Act, aimed at simplifying data deletion for consumers.
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Quick takeaways
- Federal regulations proposed by the CFPB aim to restrict data brokers from selling sensitive consumer information, enhancing privacy protections against misuse.
- State-level laws like California's DELETE Act highlight the complexity of data privacy regulations and offer consumers mechanisms to request deletion of their data.
Deep dives
Crackdown on Data Brokers
Proposed regulations aim to restrict data brokers from selling sensitive consumer information, such as social security numbers and income data. These measures would hold data brokers to the same legal standards as credit reporting agencies, ensuring that sensitive information is only utilized for legitimate purposes, like securing loans. The focus is on preventing the misuse of personal data by scammers and limiting access to state actors engaged in nefarious activities. Consumers will have the right to dispute incorrect information maintained by these brokers, similar to current protections in place for credit reports.
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