On April 2, 2025, the Office of Advocacy submitted comments on the Consumer Financial Protection Bureau’s (CFPB) notice of proposed rulemaking on Protecting Americans from Harmful Data Brokers (Regulation V).
The proposed rule would implement the Fair Credit Reporting Act’s (FCRA) definitions of “consumer report” and “consumer reporting agency,” as well as certain of the FCRA’s provisions governing when consumer reporting agencies may furnish, and users may obtain, consumer reports. The proposed rule is designed to, among other things, ensure that the FCRA’s protections are applied to consumer information, including information sold by data brokers.
Advocacy contended that the proposal is wide sweeping and could make small entities liable for things that are beyond their control. Advocacy expressed concerns about the CFPB’s failure to provide adequate information about the economic impact of the proposal on small entities, despite hearing directly from market participants, and the CFPB’s failure to consider meaningful alternatives.
Advocacy recommended that the CFPB withdraw the proposal. Withdrawal would allow time for the CFPB to fully consider the economic impact on small entities and less costly small entity alternatives.
COMMENT LETTER
(PDF, 87.7 KB)
CONTACT: Jennifer Smith
EMAIL: jennifer.smith@sba.gov