| Entities | |
| Topics and Issues | Data brokers (44) Privacy (42) |
In June 2022, U.S. Sen. Sherrod Brown (D-OH), the chair of Senate Banking, sent a letter to the Financial Stability Oversight Council (“FSOC“) urging it to
assess whether and to what extent the collection and sale of consumer data by financial institutions pose a systemic threat to U.S. financial stability and security. The breadth of personal consumer data that financial institutions have access to and can legally sell or otherwise disclose to commercial entities and to data brokers creates a concerning entry point for bad actors to obtain and use that information for their own purposes.
Sen. Brown wrote that this review is necessary “in order to better understand the holistic effect of the collection and sale of consumer financial data practices on the U.S. financial system.”