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ARTICLE · 10 DECEMBER 2024

CFPB Proposes Data Broker Rule

Frankfurt Kurnit Klein & Selz PC
Frankfurt Kurnit Klein & Selz PC
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Frankfurt Kurnit Klein & Selz PC

Frankfurt Kurnit Klein & Selz PC

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On December 3, 2024, the Consumer Financial Protection Bureau ("CFPB") proposed a rule to limit the sale of personal information by data brokers.

United StatesFinance and Banking

On December 3, 2024, the Consumer Financial Protection Bureau ("CFPB") proposed a rule to limit the sale of personal information by data brokers. Per the CFPB, the proposed rule would "make sure people's financial data is only shared for legitimate purposes . . . and not sold to scammers targeting those in financial distress."

Reasoning

The CFPB states it developed the proposed rule based on "extensive monitoring that revealed widespread evasion of consumer protections" by data brokers that "routinely sidestep the FCRA by claiming they aren't subject to its requirements." This has raised CFPB concerns regarding national security and surveillance risks, criminal exploitation of consumers, and risks of violence or personal threats to law enforcement and domestic violence survivors.

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www.fkks.com

This post first appeared in Frankfurt Kurnit's Focus on the Data blog (www.focusonthedata.com). It provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.

Originally published by the New York Legal Ethics Reporter

www.fkks.com

This alert provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.

www.fkks.com

This alert provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.

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