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CFPB Head Defends Data Collection Plan

FINANCIAL PRIVACY—U.S.

April 24, 2013

Testifying at a Senate Banking Committee hearing, U.S. Consumer Financial Protection Bureau (CFPB) Director Richard Cordray defended his agency’s data collection plans, Bloomberg reports. He said the data collected is not privacy-invasive and parallels techniques already used in the private sector. “The big banks know more about you than you know about yourself,” Cordray said, “And me, too, as a consumer.” The CFPB is currently collecting data from credit bureaus and requesting large amounts of data from major banks in order to improve the agency’s rule-writing and supervisory work, the report states. Sen. Mike Johanns (R-NE) said, “To many people, this is going to sound downright creepy.” Cordray said, “The notion that we’re tracking individual consumers or invading their privacy is quite wrong.”
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