Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, released this statement following the Consumer Financial Protection Bureau’s (CFPB) latest proposal to regulate data brokers, which hold massive amounts of personal information on millions of consumers. If finalized, this rule will ensure data brokers follow longstanding privacy rules under the Fair Credit Reporting Act regarding the safeguarding, accuracy, use, and sharing of sensitive consumer data.

“I applaud the Consumer Financial Protection Bureau, under Director Rohit Chopra’s leadership, for proposing this latest rule to hold data brokers accountable for exploiting legal loopholes and force them to comply with existing law. Right now, data brokers are bundling the personal data of Americans everywhere and selling it to the highest bidder. This dynamic puts people across our nation at greater risk from predatory loan companies, scammers, and even foreign actors looking to obtain very personal and sensitive information about our brave servicemembers and veterans in order to undermine our national security. Make no mistake, each of us should be in control of our own data – not data brokers. This latest CFPB action is a critical step forward in limiting the sale of personal data and giving Americans the safety and privacy they deserve.”

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