On April 2, 2025, the American Financial Services Association (AFSA) offered its comments on the Consumer Financial Protection Bureau's (CFPB) proposed rule concerning data brokers concerning the Fair Credit Reporting Act (FCRA). AFSA requested the withdrawal of the rule.
The CFPB's proposal seeks to expand the definitions of “consumer report” and “consumer reporting agency” beyond what is established by current legislation. AFSA contends that since the FCRA already sets these definitions and related rights, the CFPB lacks the authority to introduce rules that conflict with them.
AFSA warned that, considering the FCRA's longstanding nature, the proposed rule does not fully consider the potential disruptions to consumers and markets should it be implemented. The association emphasized that the rule's cost-benefit analysis and its conclusions appear inadequate.
Due to these considerations, AFSA urged the CFPB to withdraw the rule.