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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2023-03-16T17:06:00
The Consumer Financial Protection Bureau (CFPB) is asking companies that “track and collect information on people’s personal lives” to provide information to the agency as it considers rulemaking under the Fair Credit Reporting Act (FCRA).
The agency issued a request for information (RFI) Wednesday for data brokers, which it defined as “firms that collect, aggregate, sell, resell, license, or otherwise share consumers’ personal information with other parties.” It noted the FCRA governs consumer reporting agencies but that companies relying on new technologies when using business models that sell consumer data claim not to be covered by the FCRA.
The CFPB said these companies, whether they be called data brokers, data aggregators, or platforms, “all share a fundamental characteristic with consumer reporting agencies—they collect and sell personal data.”
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News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
2023-09-20T18:57:00Z By Jeff Dale
The Consumer Financial Protection Bureau warned lenders using artificial intelligence in credit denials that consumers must receive accurate and specific reasoning—and not checklists—for why a credit request was denied.
2023-08-16T19:42:00Z By Aaron Nicodemus
The Consumer Financial Protection Bureau is moving forward with plans to propose new rules for data brokers that would regulate their personal data gathering activities under the Fair Credit Reporting Act.
2023-08-04T16:10:00Z By Jeff Dale
ACI Worldwide is set to pay $20 million as part of a proposed settlement with states related to lax data handling and erroneous transactions that resulted in previous penalties against the company levied by the Consumer Financial Protection Bureau.
2025-01-15T19:05:00Z By Oscar Gonzalez
The U.S. Food and Drug Administration announced Wednesday it has revoked authorization for color additive Red No. 3 from food, beverages, and drugs. Health concerns over dye have existed since it was banned from cosmetics in 1990 after it was found that large doses led to the development of cancer ...
2025-01-13T19:39:00Z By Adrianne Appel
The Consumer Financial Protection Bureau has issued a proposed rule aimed at protecting the privacy of the public when using novel digital payment systems, such as those offered by large technology platforms and video gaming companies.
2025-01-07T19:16:00Z By Adrianne Appel
Banks and other lenders will be prohibited from using medical debt information in credit reports, under a new rule finalized by the Consumer Financial Protection Bureau, the agency said.
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