The U.S. Consumer Financial Protection Bureau (CFPB) is withdrawing a series of proposals introduced under former President Joe Biden, including a key measure that would have significantly restricted the sale of Americans’ personal data by “data brokers.” The decision was announced Wednesday through a Federal Register notice. Also scrapped were proposals aimed at expanding consumer protections to cover emerging digital payment technologies, such as cryptocurrencies, and limiting certain terms in the fine print of consumer financial products.
Consumer advocacy group Consumer Reports criticized the move, warning that the rollback of the data broker proposal leaves consumers more exposed to scams and identity theft. The Trump administration has taken aggressive steps to dismantle the CFPB, initially proposing to shut it down completely. It later suggested the agency could operate with just 10% of its current workforce. While mass layoffs are on hold pending court decisions, officials have been actively reversing many regulatory and oversight initiatives from previous administrations. Just last week, the agency rescinded dozens of guidance documents dating back to 2011.
“Republicans are hurting US”
Internet swiftly reacted to the Trump administration‘s decision. A user noted, “What is wrong with these people? Is this there big excuse to ruin everything accept for the select few?.” Another added, ” Chaos and destabilization is essential groundwork for overthrowing any nation’s established government. It’s also the easiest way to use the US’s own emergency power framework to do so here. A user also added, “I mean doge dumped everyone’s government records into their own database. Of course they wouldn’t restrict their access to everyone’s data in the private sector.” We aren’t even like 10% through this hellish administration and it has all gotten so bad dude.” “Does it seem like Republicans are trying to help or hurt America?,” questioned a netizen. A worried user stated, “awesome just what we all wanted!! can’t wait till all my data is out there so security breaches will mean nothing in the future!!!.” “Lmaao crazy how trump supporters love the “stay out of my private life” style mantras, yet vote for this and then will find a way to justify it out of spite or pride,” said a user. Echoing the sentiment, a user claimed, “Everything they do is the exact opposite of what I would do it’s almost funny.”