CFPB’s Chopra teases new rules for data brokers at White House roundtable


The Consumer Financial Protection Bureau (CFPB) 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 (FCRA).

CFPB Director Rohit Chopra, in remarks delivered Tuesday to a roundtable of the White House National Economic Council and Office of Science and Technology Policy, said the potential rules are being developed as “part of an all-of-government effort to tackle the risks associated with AI (artificial intelligence).” The rulemaking is intended to “ensure that modern-day digital data brokers are not misusing or abusing our sensitive data,” he said.

Chopra said the CFPB will consider defining data brokers that sell certain types of information as consumer reporting agencies. The data under consideration includes a consumer’s payment history, income, and criminal records. Classifying data brokers as consumer reporting agencies would “trigger requirements for ensuring accuracy and handling disputes of inaccurate information, as well as prohibit misuse,” he said.

lock iconTHIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.