📊CFPB Proposes Rule on Data Broker Practices - Comment Period Extended
Protecting Americans From Harmful Data Broker Practices (Regulation V); Extension of Comment Period
Summary
On December 13, 2024, the Consumer Financial Protection Bureau (CFPB) published in the Federal Register a notice of proposed rulemaking (NPRM) requesting comment on the CFPB's proposal to amend Regulation V, which implements the Fair Credit Reporting Act (FCRA). The proposed rule would implement the FCRA's definitions of consumer report and consumer reporting agency as well as certain of the FCRA's provisions governing when consumer reporting agencies may furnish, and users may obtain, consumer reports. The NPRM provided a comment period that was set to close on March 3, 2025. To allow interested persons more time to consider and submit their comments, the CFPB has determined that an extension of the comment period until April 2, 2025, is appropriate.
Agencies
- Consumer Financial Protection Bureau
Business Impact
$$ - Med
The proposed rule will affect business owners and executives by establishing new compliance requirements regarding consumer reporting agencies and practices related to the Fair Credit Reporting Act. The extension of the comment period allows for additional input, which may lead to changes affecting business data handling and consumer privacy standards.