CFPB To Crack Down On Data Broker Financial Data Sales. Assuming It Survives Trumpism.

The Consumer Financial Protection Bureau (CFPB) is proposing a new rule limiting data brokers’ ability to sell Americans’ sensitive personal and financial information… assuming it survives the looming corruption-fueled assault on corporate oversight under the pretense of “efficiency.”

According to an agency press release, the agency is looking to update the Fair Credit Reporting Act (FCRA) to place greater restrictions on the sale of personal identifiers like Social Security Numbers and phone numbers collected by data brokers, while also making sure people’s financial data was only shared for legitimate services (like getting approval for a mortgage).

We’ve long noted that because the U.S. has historically been too corrupt to pass a privacy law or regulate data brokers, data broker collection and sale of sensitive data is an absolute shitshow, often resulting in a parade of ugly scandals. Like recently, when Wired found it to be easy to buy the sensitive movement data of U.S. military and intelligence personnel.

The CFPB appears to have been driven to action by a recent scandal involving the data broker named National Public Data, which was hacked and leaked more than 272 million unique Social Security numbers from US residents, along with 600 million phone numbers. Whoops a daisy.

“By selling our most sensitive personal data without our knowledge or consent, data brokers can profit by enabling scamming, stalking, and spying,” said CFPB Director Rohit Chopra. “The CFPB’s proposed rule will curtail these practices that threaten our personal safety and undermine America’s national security.”

CFPB exists to protect consumers from endless financial fraud, though rich brunchlords like Mark Andreesen have made it a top target in recent years, saying the agency’s only real purpose is to “terrorize financial institutions.” Donald Trump and Elon Musk have also proudly insisted they’ll dismantle the consumer watchdog under the pretense of “government efficiency.”

“Unfortunately, it will be up to Trump’s CFPB to finalize this proposed rule, and he and his billionaire donors are intent on shutting this agency down to take away a key advocate for American consumers,” Senator Ron Wyden, who has probably done more than anybody in Congress to spur action on this subject, said in a statement.

The Supreme Court has already made several rulings aimed at curtailing the independence of regulators with an eye on making most federal consumer protection illegal. It’s simply more corruption and grift, with Musk’s DOGE (Department of Government Efficiency) providing pseudo-populist pretense that it’s all being done for the greater public good.

I still don’t think the oligarchic kakistocracy’s effort to snuff out all consumer protection standards is being treated with adequate seriousness by the press and policy experts. Hopefully that comes later. Before it can be snuffed out, the CFPB is also rushing to implement a new ban on including medical debt in credit reports.