EPIC Joins NCLC to Urge the CFPB to Protect Consumer Financial Privacy  

EPIC joined the National Consumer Law Center (NCLC) in a comment responding to the Consumer Financial Protection Bureau (CFPB)’s request for information about consumer financial privacy. The comment emphasizes privacy risks resulting from digital payment platforms’ collection, use, and monetization of personal financial information. To increase transparency in digital financial markets, the comment calls on the CFPB to collect and publish information about how digital consumer payment platforms collect, use, and sell personal information. Further, the comment urges the CFPB to finalize the Proposed Rule Regarding Proposed Rule Regarding Protecting Americans from Harmful Data Broker Practices, issued on December 13, 2024. The rule would clarify that data brokers are often covered by the Fair Credit Reporting Act (FCRA) and reinforce the protections enshrined in the FCRA, including limitations on sharing personal information with third parties. Finalizing this rule would protect consumers from harm caused by the collection, use, and sale of personal financial information. 

EPIC routinely calls on the CFPB to strengthen privacy protections for consumers. Recently, EPIC filed comments in support of the CFPB’s proposals related to medical debt, comments on the CFPB’s Personal Financial Data Rights Rulemaking, and comments on the CFPB’s proposed revisions to Fair Credit Reporting Act rules, which among other changes would clarify that data brokers must comply with FCRA.