AFSA Comments on CFPB Data Broker Rule
On April 2, 2025, AFSA commented on the CFPB’s rule regarding data brokers under the Fair Credit Reporting Act (FCRA). AFSA requested that the CFPB withdraw the rule.
The proposed rule would expand the definitions of “consumer report” and “consumer reporting agency” beyond the definitions provided under existing law. As these definitions and related substantive rights are established under the FCRA, the CFPB does not have the authority to create conflicting rules. Given the longstanding nature of the FCRA, this proposal does not adequately grasp the disruptions to consumers and markets that would result if the rule were adopted. The cost-benefit analysis and the conclusions expressed in the rule seem to be particularly inadequate.
With these considerations in mind, AFSA asked that the CFPB withdraw this rule.
April 3rd, 2025
