CFPB proposes sweeping modifications to the handling of consumer information

Date:

Share post:

The CFPB announced plans to implement substantial amendments to the Fair Credit Reporting Act (FCRA) that would have far-reaching implications for data brokers, information providers, and end users.

The CFPB proposed changes that would significantly limit how businesses can use consumer data under the FCRA. The removal of medical debt from credit reports, the prohibition of the sale of data for unlawful purposes, and the inclusion of data brokers and aggregators under the FCRA are all suggested changes.

A panel of small businesses assembled under the SBREFA has now received the CFPB’s outline for initial comment. A final rule will be published after the comment period is over, which is not anticipated to happen before 2025.

Read More: CFPB proposes sweeping changes for the handling of consumer data

TalkFintech Bureau
TalkFintech Bureauhttps://talkfintech.com
TalkFintech is focused on the latest financial sector technologies and tools- covering all tech used by banks, investors, insurance, and wealth management sectors- and also conversations on retail financial management tools.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_img

Related articles

Why is Sustainable FinTech Critical Today

FinTech offers robust convenience and security for financial transactions. But now, many customers are more keen on the...

Inswitch Partners with n1co Technologies To Improve Financial Inclusion In El Salvador

Inswitch, a global company in embedded finance technology, has partnered with n1co Technologies, a fintech company from El...

Billtrust Expands Partnership With Visa To Support Business Payments Network

Billtrust, a company in helping businesses manage orders and payments, has expanded its partnership with Visa. Together, they...

Open Payment Technologies Ltd Launches New Digital Wallet App “Kuady”

Open Payment Technologies Ltd is announcing the launch of its digital wallet app "Kuady". Kuady is designed to...