How Could the Rule Help Consumers?
The rule, which is aimed at private companies, gives consumers more control over their data. The CFPB also hopes it might stop some data from getting into the wrong hands.
CFPB director Rohit Chopra talked about the massive National Public Data breach that happened in October in which 200 million Social Security numbers were leaked and then offered for sale on the dark web. “These aren’t just isolated incidents: they represent a systemic vulnerability in how our personal data is bought and sold,” Chopra said in a press call.
Chopra added: “Data brokers – the outfits that collect and sell detailed information about our personal and financial lives – are making this data available to anyone willing to pay a price.”
This includes hostile foreign nations. “By selling our most sensitive personal data without our knowledge or consent, data brokers can profit by enabling scamming, stalking, and spying,” he added.
