CFPB Scraps Biden-Era Plan To Curb Data Brokers' Sale Of Personal Info

Data brokers collect sensitive personal information and use AI tools to create consumer profiles, which are often sold to companies without individuals' knowledge. (Credit: Reuters)

The U.S. Consumer Financial Protection Bureau (CFPB) is officially withdrawing a proposed rule introduced under former President Joe Biden that would have significantly curtailed the sale of Americans' personal information by data brokers, according to a notice published Wednesday in the Federal Register.

Unveiled in December, the rule sought to classify data brokers as consumer reporting agencies under the Fair Credit Reporting Act (FCRA), reported Reuters.