United States of America: Opened consultation on CFPB proposal for a rule on Protecting Americans from Harmful Data Broker Practices (Regulation V)

On 3 December 2024, the Consumer Financial Protection Bureau (CFPB) opened a consultation on a proposed on Protecting Americans from Harmful Data Broker Practices (Regulation V) until 3 March 2024. The proposed rule would limit the sale of sensitive personal and financial information by categorising certain data brokers as consumer reporting agencies under the Fair Credit Reporting Act (FCRA). The proposed rule would mandate these agencies to adhere to accuracy requirements, granting consumers access to their information and establishing safeguards against misuse. The rule would prevent illegal foreign surveillance by restricting the sale of personal identifiers and financial data to unauthorised parties.