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.
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The CFPB is seeking comment on the business practices of data brokers and the collection and sale of consumer information.
The CFPB outlined various proposals and alternatives under consideration for a rulemaking on personal financial data rights.
CFPB Director Rohit Chopra intends to "activate a dormant authority" under the Consumer Financial Protection Act to give consumers control over the financial data they maintain with banks, and allow them to transfer their information to another financial institution.
The CFPB warned that financial institutions and their service providers can be held liable for maintaining insufficient data protection or information security.