CFPB Rule Would Affect Data Brokers and More


1 minute read | December.11.2024

Data brokers have faced increased scrutiny from federal and state regulators recently. Now the Consumer Financial Protection Bureau has taken a significant step to increase oversight even more.

The CFPB has proposed a rule that would revise Regulation V, which implements the Fair Credit Reporting Act. If adopted, the changes would substantially expand the FCRA's scope by classifying many data brokers as "consumer reporting agencies” subject to FCRA’s requirements.

Orrick’s Marshall Bell, Sherry Safchuk, Sasha Leonhardt, Heather Egan and Shannon Yavorsky examine the proposed rule in a new article in Law360. They explore what the rule would accomplish – and what the future may hold for the proposed rule.