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Marketplace Tech

Consumer agency seeks to limit data sales, combat “digital surveillance”

Dec 11, 2024
Rohit Chopra, the Director of the Consumer Financial Protection Bureau (CFPB), dives into the alarming world of data brokers and the sale of sensitive consumer information like Social Security numbers and credit scores. He discusses a proposed rule aiming to tighten regulations on these brokers, aligning their accountability with that of credit reporting agencies. Chopra also emphasizes the stark imbalance between consumer awareness and the reality of digital surveillance, spotlighting California's Delete Act as a crucial step towards granting consumers more control over their data.
14:13

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Quick takeaways

  • The proposed rule by the Consumer Financial Protection Bureau seeks to protect consumers by limiting the sale of sensitive data to legitimate purposes only.
  • Legislation like California's Delete Act aims to empower consumers by simplifying the process of deleting personal information and enhancing data privacy rights.

Deep dives

Proposed Rules to Protect Sensitive Consumer Data

A proposed rule by the Consumer Financial Protection Bureau aims to restrict data brokers from selling sensitive consumer information, including social security numbers and income details. This regulation would require that such data is only shared for legitimate purposes, like securing loan offers, rather than being sold to potential scammers. The framework would align the obligations of data brokers with those of credit reporting agencies, ensuring accurate information is maintained and allowing consumers to dispute errors. This change seeks to prevent the misuse of personal data in ways that compromise national security and consumer safety.

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