Any effort by the Federal Trade Commission to regulate the ways that consumer data is used is likely to be ill-timed or overly broad, credit union trade groups told the commission this week.
The commission has been soliciting comment on how to protect such data.
“Specifically, the Commission invites comment on whether it should implement new trade regulation rules or other regulatory alternatives concerning the ways in which companies collect, aggregate, protect, use, analyze, and retain consumer data, as well as transfer, share, sell, or otherwise monetize that data in ways that are unfair or deceptive,” the FTC said, in announcing the effort.
The agency cited studies showing that most people do not generally understand the market for consumer data operating beyond their communication devices.
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