Consumer Financial Protection Bureau (CFPB) Launches Inquiry Into Data Brokers to Inform Fair Credit Reporting Act (FCRA) Rulemaking

ClearStar

Consumer Financial Protection Bureau (CFPB) Launches Inquiry Into Data Brokers to Inform Fair Credit Reporting Act (FCRA) Rulemaking

The Consumer Financial Protection Bureau (CFPB) has launched an inquiry that will include input from the public into the business practices of so-called “data brokers” that track and collect information on consumers to help inform the Bureau’s planned rulemaking under the Fair Credit Reporting Act (FCRA), according to a press release on the CFPB website.

Issued on March 15, 2023, the “Request for Information Regarding Data Brokers and Other Business Practices Involving the Collection and Sale of Consumer Information” will help the CFPB understand the full scope and breadth of data brokers and their business practices, their impact on the daily lives of consumers, and whether they are all playing by the same rules.

The Request for Information from the CFPB is a chance for the public to share feedback about data brokers that can play a significant role in people’s lives and in the economy. The feedback will shed light on the current state of the industry and inform the CFPB’s future work to ensure that these companies comply with federal law that includes the FCRA.

“Congress passed the FCRA in response to concerns about data brokers. The FCRA provides a range of protections, including accuracy standards, dispute rights, and restrictions on how data can be used. The law covers data brokers like credit reporting companies and background screening firms, as well as those who report information to these firms,” the CFPB explained.

The inquiry by the CFPB seeks information about business practices employed by data brokers to inform the Bureau’s efforts to administer the law to reflect these market realities that include planned rulemaking under the FCRA. The request for information will be published in the Federal Register and the public will be able to submit their comments until June 13, 2023.

ClearStar is a leading global Human Resources technology company that specializes in background checks, drug testing, and occupational health screening. ClearStar helps employers make informed hiring decisions while remaining in compliance with the FCRA that regulates background checks for employment in the United States. To learn more, contact ClearStar.

© 2023 ClearStar. All rights reserved. – Making copies of or using any part of the ClearStar website for any purpose is prohibited unless written authorization is first obtained from ClearStar. ClearStar does not provide or offer legal services or legal advice of any kind or nature. Any information on this website is for educational purposes only.

 

Let's start a conversation


    Thomas Ahearn - Digital Content Editor

    Thomas Ahearn is a Digital Content Editor at ClearStar, a leading Human Resources technology company specializing in background checks, drug testing, and occupational health screening. He writes about a variety of topics in the background screening industry including Artificial Intelligence (AI), "Ban the Box," class action lawsuits, credit reports, criminal records, drug testing, Equal Employment Opportunity Commission (EEOC), Fair Credit Reporting Act (FCRA), identity theft, privacy, social media screening, and workplace violence.

    At ClearStar, we are committed to your success. An important part of your employment screening program involves compliance with various laws and regulations, which is why we are providing information regarding screening requirements in certain countries, region, etc. While we are happy to provide you with this information, it is your responsibility to comply with applicable laws and to understand how such information pertains to your employment screening program. The foregoing information is not offered as legal advice but is instead offered for informational purposes. ClearStar is not a law firm and does not offer legal advice and this communication does not form an attorney client relationship. The foregoing information is therefore not intended as a substitute for the legal advice of a lawyer knowledgeable of the user’s individual circumstances or to provide legal advice. ClearStar makes no assurances regarding the accuracy, completeness, or utility of the information contained in this publication. Legislative, regulatory and case law developments regularly impact on general research and this area is evolving rapidly. ClearStar expressly disclaim any warranties or responsibility or damages associated with or arising out of the information provided herein.

    SOLUTIONS BY INDUSTRY

    Bursa escort - eskort mersin - youtube seo - escort - eskort eskişehir