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ICYMI: Unaccountable CFPB Under Fire For Not Protecting Massive Amounts of Consumer Data
Washington,
September 23, 2014 -
“The data collection is the latest flash point between the three-year-old bureau and its critics, including Republican lawmakers, who say the agency is overstepping its authority. Republicans and business groups say the CFPB's demands for data on consumers' financial transactions are a burden for banks and a potential threat to consumers' privacy.”
The CFPB is “collecting financial data on up to 600 million consumer credit card accounts, without sufficient security and privacy protections to ensure there is no risk of improper collection, use, or release of consumer financial data.”
The GAO report “confirms the existence of personal identifiers in CFPB’s data collections, and raises the concern that CFPB lacks written policies and procedures for data privacy and protection.”
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“It literally took an act of Congress to obtain this information because the unaccountable CFPB would not answer our questions,” Financial Services Committee Chairman Jeb Hensarling (R-Texas) said following Monday’s release of the GAO report.
CFPB “is collecting sensitive financial data on millions of Americans but lacks a plan to adequately protect it”
“agency has access to credit-card information for nearly 600 million accounts, and has collected data on student loans and mortgages as well. But the CFPB lacks a consistent plan to keep that sensitive information safe”
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