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.

The Consumer Financial Protection Bureau hopes to rein in transactions that can expose Social Security numbers, financial details, and more.

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.”

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.

A new proposal by the Consumer Financial Protection Bureau would use a 54-year-old privacy law to impose new oversight of the data broker industry. But first, the agency must survive Elon Musk.

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.

The Consumer Financial Protection Bureau (CFPB) is trying to rein in data brokers that sell Americans' personal and financial information with a new rule that would classify the brokers as consumer reporting agencies.