WASHINGTON, D.C. — U.S. Chamber of Commerce Senior Vice President of Economic Policy Tom Quaadman issued the following statement today on the proposed rule on Data Broker Practices (Regulation V) from the Consumer Financial Protection Bureau (CFPB), broadly reinterpreting the Fair Credit Reporting Act.
“The Director of the CFPB isn’t a substitute for Congress. In our system of government, no individual or agency can suddenly reinterpret a 50-year-old law about consumer credit reporting to give themselves the power to regulate an entirely different industry.
"This regulatory power grab will actually make it harder for businesses to use common information like consumer addresses and phone numbers to validate consumer identities and prevent fraud. We look forward to working with the incoming administration and Congress to prevent regulatory overreaches, like this one, from hurting our economy and American consumers.”
