In a press release, Sen. Mike Crapo (R-ID) has raised privacy concerns about the collection of sensitive financial data by the newly created U.S. Credit Financial Protection Bureau. The ranking member of the Senate Banking, Housing and Urban Affairs Committee, Crapo is concerned about how data is being collected, how many accounts are being monitored, how the data is being used and how many safeguards are in place to protect the data. The Government Accountability Office has agreed to investigate the collection programs. “Recently, cases of privacy abuse” have reached the headlines, Crapo said, “and we now have a federal agency that is using unchecked power to gather data on the spending habits of hundreds of millions of Americans.” The senator plans to hold a press conference on the issue on Monday, August 12.
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