Washington, DC — Today, the Consumer Financial Protection Bureau released a proposed rule that would rein in previously unregulated data brokers. Under the rule, data brokers—who regularly collect and sell detailed, personal information on all Americans—would be subject to some of the same standards as other companies that handle sensitive financial information on consumers like credit bureaus. Until now, data brokers have been able to sell our personal information to the highest bidder—including scammers, blackmailers and stalkers. Demand Progress Education Fund was part of a coalition that called on the CFPB early on to take action on this issue and also recently published an op-ed with Common Defense highlighting how unregulated data brokers threaten the privacy and security of servicemembers and veterans.
The following is a statement from Demand Progress Education Fund Corporate Power Director Emily Peterson-Cassin:
“The CFPB should be applauded for standing up to data brokers and working to rein in the sale of sensitive information about us. All this data ends up in the hands of advertisers, scammers, stalkers and even foreign governments. This groundbreaking rule offers a needed solution for Americans who are sick and tired of being inundated by scam texts, calls and emails—often from fraudsters who have been able to buy our data for mere pennies. If finalized, this rule would be a major win for the privacy rights of Americans and is the kind of bipartisan, commonsense action that should be protected and encouraged by politicians in both parties.”