CFPB Launches Investigation of Data Broker Industry

The Consumer Financial Protection Bureau is investigating the data broker industry to examine how third parties track and use consumer data, it said Wednesday. “Modern data surveillance practices have allowed companies to hover over our digital lives and monetize our most sensitive data,” said CFPB Director Rohit Chopra, a former FTC commissioner who has been outspoken about privacy issues: “Our inquiry will inform whether rules under the Fair Credit Reporting Act reflect these market realities.” Sen. Ron Wyden, D-Ore., applauded the effort, noting he asked Chopra to investigate in 2021. “Americans’ personal information isn’t only being harvested from our phones -- water and power companies, phone and cable providers and credit bureaus are all sharing private details of our lives with shady data brokers,” Wyden said: “I’m glad the CFPB is heeding that call and launching an investigation into this unsavory industry.” The agency issued a request for information, seeking public comment by June 13. The CFPB is interested in “hearing about people’s direct experiences with these companies, including when individuals attempt to remove, correct, or regain control of their data,” the agency said.