Data Broker Crackdown: Protecting Your Financial Secrets from Foreign Foes and Cyber Crooks!
The CFPB has proposed a new rule to rein in data brokers by making them comply with the Fair Credit Reporting Act. This aims to protect Americans’ financial data from foreign adversaries and cybercriminals, ensuring sensitive information isn’t exploited for national security threats or personal risks.
Hot Take:
Looks like data brokers are finally getting a taste of their own medicine – and it’s a bitter pill of compliance! The CFPB’s new proposal is the digital equivalent of putting the data brokers in a timeout corner, and trust me, they won’t be updating their status about this on Instagram. With these new rules, sharing our financial skeletons will require more than just a wink and a nod, and foreign spies will have to find a new hobby.
Key Points:
- CFPB proposes a rule requiring data brokers to comply with credit bureau reporting standards.
- Proposal aims to protect Americans’ financial data from foreign adversaries and cybercriminals.
- Data brokers would need consumer consent before sharing credit data.
- Rule born from an executive order by President Biden to enhance data security.
- CFPB is inviting comments on the proposed rule until March 3.
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