Comments Due to NAFCU: CFPB - Data Brokers
NAFCU would like to highlight the following:
- The RFI is intended to help inform the CFPB about new business models that sell consumer data, including information relevant to assessments of whether companies using these new business models are covered by the Fair Credit Reporting Act (FCRA), given the FCRA's broad definitions of “consumer report” and “consumer reporting agency.”
- The CFPB is also interested in information regarding how data brokerage activities may present consumer harm and any market abuses, including those that resemble harms Congress originally identified in 1970 in passing the FCRA.
- Surveys cited by the CFPB indicate that consumers are concerned about being tracked and surveilled by companies and have expressed concern about the lack of control over how data collected about them is used.
Comments due to NAFCU: May 30, 2023
Comments due to CFPB: June 13, 2023
NAFCU will send comments on behalf of its members to the CFPB by its deadline (June 13, 2023).