The Federal Trade Commission has proposed new regulations that would require commercial data brokers to honor consumer opt-out requests within 24 hours and provide a centralized portal for individuals to manage their data across multiple brokers simultaneously. Current processing times can stretch to 45 days or longer.
The proposed rules also mandate that data brokers maintain publicly accessible registries describing the categories of personal information they collect, their data sources, and the third parties with whom they share data. Companies that fail to comply would face penalties of up to $50,000 per violation.
