The Consumer Financial Protection Bureau (CFPB) has pulled back a draft privacy rule that would have required businesses to take more steps before selling consumers’ financial and personal data.
The draft Protecting Americans from Harmful Data Broker Practices rule, cheered by consumer advocates and opposed by many financial institutions, advertisers and insurers, as well as data brokers, would have required companies that buy, sell and share people’s financial and personal data, such as income and Social Security numbers, to obtain explicit consent before doing so. The ability to sell the information of judges, law enforcement, and others would be restricted, and selling data to purchasers affiliated with Russia, China, and other nations of concern would be prohibited.
