US watchdog to announce plans to regulate 'surveillance industry'
www.reuters.comThe top U.S. agency for consumer financial protection will announce plans at the White House on Tuesday to regulate companies that track and sell people's personal data, part of the Biden administration's widening scrutiny of that industry's privacy practices, officials said.
CFPB officials said the proposal would expand the number of companies currently subject to the Fair Credit Reporting Act – a 1970 law governing the privacy of consumer data provided to lenders – to cover the use of data derived from payment histories, personal income and criminal records.
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This is the best summary I could come up with:
Aug 15 (Reuters) - The top U.S. agency for consumer financial protection will announce plans at the White House on Tuesday to regulate companies that track and sell people’s personal data, part of the Biden administration’s widening scrutiny of that industry’s privacy practices, officials said.
President Joe Biden last year called on the U.S. Federal Trade Commission (FTC) to help protect the data privacy of women seeking reproductive healthcare who may face law enforcement action in some states.
The FTC has also sued an Idaho company for selling mobile phone geolocation data, saying it could be traced to places like abortion clinics, churches and addiction treatment centers.
In advance of Tuesday’s announcement, CFPB officials said the proposal would expand the number of companies currently subject to the Fair Credit Reporting Act – a 1970 law governing the privacy of consumer data provided to lenders – to cover the use of data derived from payment histories, personal income and criminal records.
The CFPB in March opened a public inquiry into the conduct of companies like credit bureaus and background screening firms.
According to agency officials, the results indicated data brokers reported consumers in financial distress to companies who then targeted them with predatory debt products, among other findings that pointed to the need for greater privacy protections.
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