Media Advisory: CFPB Snooping Into Americans' Private Financial Data Subject of Oversight Hearing This Week
Washington,
December 14, 2015 -
House Financial Services Committee Chairman Jeb Hensarling (R-TX) today announced the Committee’s schedule for this week.
- Wednesday, December 16 at 10:30 a.m. - The Oversight and Investigations Subcommittee will hold a hearing to examine the Consumer Financial Protection Bureau’s Mass Data Collection Program.
In a report last year, the Government Accountability Office (GAO) found that the Bureau has undertaken 12 data collection projects, including the monthly collection of data affecting up to 75 million credit card accounts and 173 million mortgages, as well as information on 10.7 million consumer credit reports.
The report also highlighted the security risk to this consumer data, citing, "...serious concerns about the privacy and security of the consumers whose data are being collected by the CFPB." Even Director Richard Cordray acknowledged the threat of a breach given that "the data held by the [CFPB] was not 100 percent secure."
Additional information, including a list of witnesses, can be found here.
Witness List
• The Hon. Newt Gingrich, former Speaker of the House of Representatives
• Mr. Wayne Abernathy, Executive Vice President for Financial Institutions Policy and Regulatory Affairs, American Bankers Association
• Dr. Mark Calabria, Director of Financial Regulation Studies, Cato Institute
• Mr. Deepak Gupta, Founding Principal, Gupta Wessler PLLC
All Committee activities this week will take place in Room 2128 of the Rayburn House Office Building and will be webcast live on the Committee’s website.
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