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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2023-08-16T19:42:00
The Consumer Financial Protection Bureau (CFPB) is moving forward with plans to propose new rules for data brokers that would regulate their personal data gathering activities under the Fair Credit Reporting Act (FCRA).
CFPB Director Rohit Chopra, in remarks delivered Tuesday to a roundtable of the White House National Economic Council and Office of Science and Technology Policy, said the potential rules are being developed as “part of an all-of-government effort to tackle the risks associated with AI (artificial intelligence).” The rulemaking is intended to “ensure that modern-day digital data brokers are not misusing or abusing our sensitive data,” he said.
Chopra said the CFPB will consider defining data brokers that sell certain types of information as consumer reporting agencies. The data under consideration includes a consumer’s payment history, income, and criminal records. Classifying data brokers as consumer reporting agencies would “trigger requirements for ensuring accuracy and handling disputes of inaccurate information, as well as prohibit misuse,” he said.
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News and analysis for the well-informed compliance or audit exec.
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2024-02-28T20:36:00Z By Kyle Brasseur
A new executive order seeks to put clamps on the sale of Americans’ personal data by data brokers and other companies to certain countries found to be of national security concern.
2023-10-19T18:59:00Z By Kyle Brasseur
The Consumer Financial Protection Bureau is moving forward its plan to give consumers more control over their personal financial data as part of a new rule proposal.
2023-09-20T18:57:00Z By Jeff Dale
The Consumer Financial Protection Bureau warned lenders using artificial intelligence in credit denials that consumers must receive accurate and specific reasoning—and not checklists—for why a credit request was denied.
2024-07-02T19:43:00Z By Aaron Nicodemus
The U.S. Supreme Court extended the statute of limitations for businesses attempting to challenge some federal regulations, allowing regulated entities a longer timeline to appeal a decision.
2024-06-28T19:55:00Z By Aaron Nicodemus
The Supreme Court of the United States overturned a long-held precedent in which courts deferred to federal agencies in interpreting complex or ambiguous regulations–a decision that could make thousands of federal regulations more vulnerable to legal challenges.
2024-06-28T17:00:00Z By Aaron Nicodemus
Financial institutions would be required to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs under a new rule proposed by the Treasury Department’s Financial Crimes Enforcement Network.
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