The Consumer Financial Protection Bureau (CFPB) has decided to withdraw a Biden-era rule that targeted data brokers and their sale of Americans' personal and financial information. Under the leadership of acting head Russell Vought, the CFPB canceled plans to implement new rules that would have restricted data brokers from selling sensitive data such as credit histories and Social Security numbers. The decision to scrap the proposed regulations was attributed to a perceived misalignment with current policy priorities. Additionally, the CFPB has withdrawn guidance and proposed rules related to data brokers, video game payments, and contract clauses, signaling a broader shift in the agency's regulatory approach.
The CFPB has canceled plans to introduce new rules designed to limit the ability of US data brokers to sell sensitive information about Americans, including financial data, credit history, and Social Security numbers https://t.co/sgjgZRH6en
The plan to ban brokers from selling sensitive data has been scrapped, citing "misalignment". https://t.co/yoZopHqRgb
CFPB Withdraws Guidance and Proposed Rules on Data Broker, Video Game Payments, and Contract Clauses https://t.co/ru3HPs9POM @SheppardMullin https://t.co/Fo2UmPXdZx