KEY TAKEAWAYS The Consumer Financial Protection Bureau proposed a rule that would clarify and limit how data brokers can use consumers' financial data.More data brokers have emerged that collect and sell sensitive and private information about consumers,

Perhaps this proposal from the Consumer Financial Protection Bureau (CFPB) is an idea that everyone can support. The bureau on Tuesday proposed a rule that it said will rein in data brokers that sell Americans’ sensitive personal and financial information.

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

Data brokers have been getting away with selling Americans' personal and financial data, an illegal practice that a new rule proposed by the Consumer Financial Protection Bureau will intend to stop, CFPB Director Rohit Chopra said.

U.S. Consumer Financial Protection Bureau announces proposed rules to recategorize data brokerage under the same laws as credit bureaus.

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 Financial Protection Bureau issued a proposal to protect consumer data privacy and categorize data brokers that sell sensitive consumer data as "consumer reporting agencies" under the Fair Credit Reporting Act,

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.

If finalized, the proposed rule would have the federal agency treating data broker sales of a person’s credit history, credit score, debt payments, or income as credit report sales subject to the Fair Credit Reporting Act.