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Written By Digital Content Editor Thomas Ahearn
On August 15, 2023, the White House under United States President Joe Biden convened a roundtable “on how the data broker industry monetizes personal information and actions the Administration is taking to address potential harms to American consumers,” according to a statement released by the White House.
The roundtable with civil society leaders, researchers, and policymakers was hosted by the White House Office of Science and Technology Policy (OSTP), the National Economic Council (NEC), the Consumer Financial Protection Bureau (CFPB), the Federal Trade Commission (FTC), and the Department of Justice (DOJ).
“Administration officials pledged to continue using their authorities to subject data brokers to greater regulation and oversight, and to curb the harms they cause. Participants shared stories, insights, and concerns about the harms and risks that data brokers’ practices create for everyday Americans,” the White House statement read.
“Participants underscored how the data broker economy enables discriminatory practices in credit underwriting, insurance, housing, employment, and advertising, continuing patterns of exclusion that disproportionately harm underserved and vulnerable groups.” The complete statement from the White House is available here.
Earlier in the day, the CFPB announced plans to propose rules to ensure all “data brokers” comply with the federal Fair Credit Reporting Act (FCRA). The CFPB will publish an outline of proposals and alternatives under consideration for a proposed rule in September 2023 and plan to propose the rule for public comment in 2024.
“After conducting an inquiry into the practices of data brokers in the surveillance industry, we have decided to launch a rulemaking to ensure that modern-day digital data brokers are not misusing or abusing our sensitive data,” CFPB Director Rohit Chopra remarked before the White House roundtable on data broker practices.
“In 1970, Congress enacted the Fair Credit Reporting Act, which granted people new rights and protections, including safeguards to ensure accurate information, the right to dispute errors, the right to access your own information, and restrictions on how others can use your information,” CFPB Director Chopra explained.
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