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House Hearing Explores CFPB Authority

FINANCIAL PRIVACY—U.S.

February 8, 2012

The U.S. House of Representatives Committee on Financial Services today is holding a hearing to explore the Consumer Financial Protection Bureau's (CFPB) mandated authority over banks, credit unions and mortgage brokers, among others, Fox Business reports. Concerns have been expressed by some in the financial sector that the authority leaves banks unprotected after turning over sensitive documents to the agency. The "Legislative Proposals to Promote Accountability and Transparency at the Consumer Financial Protection Bureau" hearing includes witnesses from the American Bankers Association, the U.S. Chamber of Commerce, the American Financial Services Association and George Washington University. Meanwhile, Rep. Carolyn Maloney (D-NY) is co-sponsoring a bill to provide better protections and privacy safeguards for financial institutions when handing over sensitive documents to the CFPB. Editor's Note: An expert panel will discuss the latest developments at the CFPB during the session "Who's on First? New Roles and Authority for the CFPB, FTC, Banking Agencies and Securities" at the IAPP Global Privacy Summit.
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