US consumer watchdog drops plan to regulate companies that sell your data

The US Consumer Financial Protection Bureau has withdrawn its proposed rule to regulate data brokers. This means companies that collect and sell personal data will not face new federal oversight from this agency.

The CFPB had proposed rules that would have treated data brokers like credit reporting agencies, giving consumers more control over their personal information. Withdrawing the rule means that the agency will not use its existing authority to regulate this industry. Consumers will not gain new rights to see or correct the data these companies hold about them.