CFPB Extends Comment Deadline for RFI on Data Broker Practices

The CFPB extended the comment deadline on a request for information on (i) the business practices of data brokers and (ii) the collection and sale of consumer information. The new comment deadline is July 15, 2023.

As previously covered, the CFPB requested market-level information on:

• the data provided by financial institutions and the opportunities given to opt out of data sharing;
• the "granular" nature of the data broker's collection of information related to consumer preferences;
• how data companies create, build or refine proprietary algorithms for the data;
• how data broker activities encourage or limit market competition;
• whether certain populations are limited in their access to control data sharing;
• how and when data is "anonymized";
• whether consumers can avoid having their data collected; and
• what information is collected by state-level data broker registries.

As to individuals, the CFPB requested information on (i) the harms or benefits consumers have experienced, (ii) whether certain consumer harms are tied to specific data brokers, (iii) what consumers experience when attempting to remove data sharing options, and (iv) the number of consumers that have tried to access or correct their private data.