The Consumer Financial Protection Bureau (CFPB) is proposing a rule to require depository and nondepository entities to make available to consumers and authorized third parties certain data relating to consumers’ transactions and accounts; establish obligations for third parties accessing a consumer’s data, including important privacy protections for that data; provide basic standards for data access; and promote fair, open, and inclusive industry standards. Comments are due by 12/29/2023.
Fast Facts regarding the proposed rule are at:
During a White House Roundtable on 8/15/2023, CFPB Director Chopra announced that the CFPB will be developing rules to prevent misuse and abuse by data brokers that track, collect, and monetize information about people. Many of these firms assemble data to feed “artificial intelligence” (AI) that makes decisions about our daily lives. After conducting a public inquiry into data brokers and assessing today’s uses of AI that are often powered by data from the surveillance industry, the CFPB will be issuing proposed rules under the Fair Credit Reporting Act to address business practices used by companies that assemble and monetize our data.For more information, check out:
When consumers buy products from online marketplaces, the identity of the seller is often unclear. The goal of the INFORM Consumers Act is to add more transparency to online transactions and to deter criminals from acquiring stolen, counterfeit, or unsafe items and selling them through those marketplaces. The Act also makes sure online marketplace users have a way to report suspicious conduct concerning high-volume third party sellers. To learn more, check out: Informing Businesses about the INFORM Consumers Act | Federal Trade Commission (ftc.gov)