WASHINGTON–The CFPB is preparing to put forth a new proposal to expand the scope of regulation around the tracking and selling of people’s personal data to more companies and would expand the rules themselves. The announcement led to some pushback from the U.S. Chamber.
According to the Consumer Financial Protection Bureau, the proposed regulation would affect companies that track and sell the data by expanding the number of firms that are subject to the Fair Credit Reporting Act (FCRA).
The CFPB said its proposal to cover the use of data is derived from payment histories, personal income and criminal records.
Meanwhile, as part of a separate proposal, the CFPB said it will also be targeting the disclosure of “credit header data,” or personal data such as names, addresses and social security numbers that the top three credit bureaus (Experian, TransUnion, Equifax) share for consumers. According to the Bureau, some people may be seeking to avoid contact, such as domestic violence victims.
The proposals are expected to be formally introduced in February.
‘Incentives for More Surveillance’
“Today, ‘artificial intelligence’ and other predictive decision-making increasingly relies on ingesting massive amounts of data about our daily lives,” CFPB Director Rohit Chopra said in remarks delivered at a White House. “This creates financial incentives for even more data surveillance. This also has big implications when it comes to critical decisions, like whether or not we will be interviewed for a job or get approved for a bank account or loan. It’s critical that there’s some accountability when it comes to misuse or abuse of our private information and activities.”
U.S. Chamber Responds
In response, the U.S. Chamber’s Jordan Crenshaw, senior vice president of its Technology Engagement Center, issued a statement saying, “Congress must pass a single, workable national privacy law. The absence of a national data protection standard does not justify the Administration’s all-of-government approach that abuses or exceeds legal authorities as is being attempted by the Consumer Financial Protection Bureau and the Federal Trade Commission."
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