Over the past several years, data brokers have been subject to increased scrutiny from regulatory and enforcement agencies at both federal and state levels. On Dec. 3, the Consumer Financial Protection Bureau took a significant step to expand data broker oversight — and upend the regulatory environment — by proposing the Protecting Americans from Harmful Data Broker Practices rule. The proposed rule would significantly revise Regulation V, which implements the Fair Credit Reporting Act. If adopted, the changes would substantially expand the FCRA's scope and result in regulators classifying many data brokers as "consumer reporting agencies."
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