On Wednesday, the U.S. consumer finance watchdog started a probe into organizations that track and gather personal data, seeking public input on data brokers’ business models and methods.
According to a release, the U.S. Consumer Financial Protection Bureau’s request for information is the next step in its investigation of how corporations utilize personal financial data and may inspire future legislation.
Rohit Chopra, the new CFPB director, ordered Amazon.com, Apple Inc, and Facebook Inc to disclose how they collect and handle consumer payment data in 2021.
“Modern data monitoring tactics have empowered firms to hover over our digital lives and monetize our most sensitive data,” stated CFPB Director Rohit Chopra. Our investigation will determine if Fair Credit Reporting Act requirements match market reality.
The CFPB requests the public to contribute information regarding data brokers’ kinds, sources, and direct experiences, especially when they want to remove or update their data.
