The Consumer Financial Protection Bureau (CFPB) today outlined a plan for rulemaking under the Fair Credit Reporting Act (FCRA) that could significantly impact the entire consumer data ecosystem. The proposed rulemaking could redefine “data brokers” and “data aggregators” and extend FCRA regulation to businesses that do not currently meet the FCRA’s definition of “consumer reporting agency.” The CFPB’s plan could also impose stricter rules for obtaining consumer consent and increase compliance requirements and risks for both new and existing members of the FCRA-regulated consumer data ecosystem.

The proposed rulemaking could also impact consumer reporting agencies (CRAs), furnishers of data to CRAs, sources of data for “data brokers” and “data aggregators,” and end users of data obtained from CRAs and/or “data brokers”/”data aggregators.” CFPB Director Rohit Chopra indicated that a proposed rule would likely be issued in 2024. If implemented as outlined, this rulemaking plan could face significant legal challenges and all affected stakeholders should plan now for commenting and advocacy.

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