KEY TAKEAWAYS The Consumer Financial Protection Bureau proposed a rule that would clarify and limit how data brokers can use consumers' financial data.More data brokers have emerged that collect and sell sensitive and private information about consumers,

Perhaps this proposal from the Consumer Financial Protection Bureau (CFPB) is an idea that everyone can support. The bureau on Tuesday proposed a rule that it said will rein in data brokers that sell Americans’ sensitive personal and financial information.

Data brokers have been getting away with selling Americans' personal and financial data, an illegal practice that a new rule proposed by the Consumer Financial Protection Bureau will intend to stop, CFPB Director Rohit Chopra said.

The Consumer Financial Protection Bureau issued a proposal to protect consumer data privacy and categorize data brokers that sell sensitive consumer data as "consumer reporting agencies" under the Fair Credit Reporting Act,

If finalized, the proposed rule would have the federal agency treating data broker sales of a person’s credit history, credit score, debt payments, or income as credit report sales subject to the Fair Credit Reporting Act.

The Consumer Financial Protection Bureau hopes to rein in transactions that can expose Social Security numbers, financial details, and more.

Data brokers might be treated more like credit bureaus in the future... if this law actually gets passed. The post US Government Targets Data Brokers To Protect Consumers appeared first on Tech.co.