CFPB Withdraws Data Broker Rule

FOR IMMEDIATE RELEASE
May 14, 2025

WASHINGTON, D.C. The Consumer Financial Protection Bureau (CFPB) today announced its intention to withdraw its Proposed Rule: Protecting Americans from Harmful Data Broker Practices (Regulation V) (NPRM). CFPB will publish the notice in the Federal Register on May 15. The unpublished rule is available here.

CDIA President and CEO Dan Smith, agreed with the CFPB’s rationale that legislative rulemaking is not necessary or appropriate at this time. “We appreciate CFPB Acting Director Russel Vought’s leadership in recognizing the concerns we flagged in our public comment letter, including the fact that the proposed rule did not align with the plain text of the Fair Credit Reporting Act (FCRA), or the Bureau’s statutory rulemaking authority.”

In the notice of withdrawal, CFPB Acting Director Russel Vought noted that the proposed rule would have implemented provisions governing when consumer reporting agencies may furnish, and users may obtain, consumer reports. According to CFPB’s notice of withdrawal, certain provisions in the proposed rule do not align with CFPB’s current interpretation of the FCRA and its changed policy objectives.

About CDIA: The Consumer Data Industry Association (CDIA) is the voice of the consumer reporting industry, representing consumer reporting agencies, including the nationwide credit bureaus, regional and specialized credit bureaus, background check and residential screening companies, and others. Founded in 1906, CDIA promotes the responsible use of consumer data to help consumers achieve their financial goals and to help businesses, governments, and volunteer organizations avoid fraud.

Contact:
Brittany Bailey
Bbailey@cdiaonline.org

Consumer Data Industry Association
1156 15^TH ST, NW, Suite 1250
Washington, D.C. 20005
CDIAONLINE. ORG