White House scraps plan to block data brokers from selling Americans’ sensitive data

The High Trump Management Official collected a plan to sell information brokers to sell Americans private and financial information, including social security numbers.

Consumer Financial Protection Bureau (CFPB) said in December 2024 Planned to close a space The Federal Law that protects the personal information collected by consumer reporting agencies such as American credit bureaus and rental companies of Americans, Americans. The rule would treat information brokers in contrast to other companies covering under the Federal Law and demand them to comply with the rules of privacy.

Therefore the rule was withdrawn on Tuesday List of Federal Registry. CFPB acting director Russell, Russell, who played the role of the Management and Budget Department of the White House, wrote that the credit report act was not appropriate by the “current interpretation of the Bureau”.

String First reported The rule changes on Wednesday.

The information brokers are part of a multibillion-dollar industry that earns access to and sell access to personal and financial information of Americans. This personal information is then sold to other companies, as well as other companies Law enforcement and intelligence agenciesOften without the open permission of persons.

The collection of giant data also comes with inherent risks. At least two data brokers were hacked in the last year, Millions of Social Security Numbers Spill online and wear A large kiosk of user location data where millions of people watched.

Federal Trade Commission in 2024 Several information brokers were banned from Collect and share information about individuals Follow them with allegations that illegally follow people without their permission.

Privacy lawyers have long been summoned to use an exhibition credit report law for a report in information brokers for a long time.

CFPB decision to cancel the rule, after a few days after the Finance Technology Union, an industrial lobby group representing banking and Fintech companies, was welcomed as the White House budget director. The lobby group claimed that the CFPB government would be discredited by the CFPB’s government, claiming that CFPB government “will be harmful to detect and prevent the fraud of financial institutions.”

CFPB did not return a request for comments.