Marketplace Tech

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

8 snips
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.
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ANECDOTE

Historical Data Privacy Concerns

  • Rohit Chopra draws parallels to a similar problem 70 years ago with private investigators selling personal data.
  • This led to regulations for credit reports, granting people access, dispute rights, and accuracy requirements.
INSIGHT

CFPB's Proposal

  • The CFPB aims to restrict sensitive data sales by data brokers.
  • This aims to prevent misuse by scammers or foreign actors.
INSIGHT

Implications for Data Brokers

  • Data brokers, if held to credit bureau standards, must ensure data accuracy and allow disputes.
  • They would also need meaningful consent for data sharing, avoiding fine print.
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