A new proposal by the Consumer Financial Protection Bureau would use a 54-year-old privacy law to impose new oversight of the data broker industry. But first, the agency must survive Elon Musk.

The Consumer Financial Protection Bureau (CFPB) on Tuesday rolled out a new proposal aimed at cracking down on data brokers selling Americans’ sensitive information. Under the proposed rule, the agency said it seeks to ensure data brokers comply with existing privacy law by treating “them as “consumer reporting agencies.

The consumer finance watchdog said it wants to ensure that sensitive personal data is shared only for ”legitimate purposes.”

Data brokers would face limits on selling Americans’ personal and financial records, including information about military personnel and data that could be used for advertising, under a new federal rule.

The Consumer Financial Protection Bureau (CFPB) is trying to rein in data brokers that sell Americans' personal and financial information with a new rule that would classify the brokers as consumer reporting agencies.

The Consumer Financial Protection Bureau hopes to rein in transactions that can expose Social Security numbers, financial details, and more.

Data brokers might be treated more like credit bureaus in the future... if this law actually gets passed. The post US Government Targets Data Brokers To Protect Consumers appeared first on Tech.co.