The Consumer Financial Protection Bureau reiterated its plan to propose new rules to prevent the misuse and abuse of consumer information collected by credit reporting companies and other data brokers.

Details: The CFPB cited Director Rohit Chopra’s recent remarks during a White House roundtable that the bureau will issue the proposed rules under the Fair Credit Reporting Act to address business practices used by companies that assemble and monetize data. The bureau also offers a fact sheet on its plans.

ICBA View: In a comment letter to the CFPB last month, ICBA said:

  • The bureau should hold data brokers and aggregators accountable under the FCRA by requiring disclosures to consumers about the information they collect and use.

  • However, because data brokers do not meet the definition of a consumer reporting agency, community banks do not qualify as furnishers.