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CFPB extends deadline for public comment in information brokerage probe

The Consumer Financial Security Bureau has extended most people comment interval for its investigation into how corporations purchase and promote shopper information.

The CFPB launched a request for information in March after saying it should purchase information from information brokers, financial institutions, specific particular person prospects and completely different members of most people to judge whether or not or not brokers modify to guidelines such as a result of the Truthful Credit score rating Reporting Act (FCRA), which protects the privateness of purchaser credit score rating information. The CFPB will now accept suggestions until July 15, which is 32 days earlier its distinctive deadline.

“The CFPB is acutely aware that there’s nonetheless comparatively restricted public understanding of information brokers’ operations and completely different impacts, nevertheless that individuals are concerned regarding the lack of administration over how information about them is collected, shared, and used,” the corporate talked about in a press launch Thursday.

The corporate extended the deadline to encourage further stakeholders to weigh in on its efforts to safeguard prospects from information brokerage practices that perform away from public view, along with by rising the FCPA, the corporate talked about.

Data brokers monetize prospects’ personal information by the use of its assortment, aggregation, licensing, and sale. They embody corporations that work collectively straight with prospects, and as well as third occasions that take care of credit score rating reporting, employee background checks and completely different duties.

The CFPB has expressed concern over the elusive strategies information brokers purchase and promote shopper information, normally with out prospects asking for consent. It clamped down on huge tech corporations in 2021, demanding that Amazon, Meta, and Apple disclose how they obtain and distribute price information. 

The goal of the inquiry is to help a further formidable regulatory effort by revealing further about how corporations purchase information and the way in which they use it, informing whether or not or not they’re partaking in market abuse, the CFPB talked about in a March press launch. 

The corporate asks respondents to the touch upon the final market and their personal interactions with information brokers, asking questions designed to uncover how firms purchase information and what have an effect on these practices have had on prospects. 

“We’re considerably throughout the distinctive strategies by means of which information brokers work along with or have an effect on specific shopper populations, paying homage to older adults, servicemembers, faculty college students, workers, immigrants, low-income prospects, and underserved or weak prospects,” the CFPB added in Thursday’s assertion.