Expansion of Data Broker Oversight

The proposed rule by the Consumer Financial Protection Bureau (CFPB) seeks to enhance oversight of data brokers by revising Regulation V, which implements the Fair Credit Reporting Act. It aims to integrate data brokers into the existing regulatory framework, marking a significant shift in how consumer personal data is managed. This proposed rule is framed as a necessary step to protect consumers from potentially harmful practices by data brokers, who currently face limited oversight. If enacted, these changes could transform the data broker industry and challenge existing practices within consumer reporting agencies.