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CBA Letter to CFPB ahead of "Data Broker" Rulemaking under FCRA
To Whom it May Concern: The Consumer Bankers Association (“CBA”) sends this letter in response to the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) Director Rohit Chopra’s remarks at the White House Roundtable on Protecting Americans from Harmful Data Broker Practices and additional details released on the scope of CFPB’s forthcoming Small Business and Regulatory Enforcement and Fairness Act (“SBREFA”) outline and Notice of Proposed Rulemaking (NPRM) related to data brokers under the Fair Credit Reporting Act (“FCRA”) and Regulation V.
CBA understands that, as part of the forthcoming rule related to the FCRA and Regulation V, the Bureau intends to:
Prohibit firms that monetize certain data from selling it for purposes other than those authorized under the FCRA.
Broaden the scope of a consumer reporting agency to include a data broker or other company in the surveillance industry.
Clarify the extent to which “credit header data” constitutes a consumer report and prevent the sale of this type of data for a reason other than a “permissible purpose.”