04 Oct CFPB May Put Sensitive Info of Americans at Risk
The Consumer Financial Protection Bureau (CFPB) recently raised some eyebrows when it announced the issuance of new rules which will affect the access of around 30 million customers to critical forms of credit. Aside from this, it was revealed that the agency will be collecting significantly more financial information which may put its customer’s privacy at greater risk in the event of a hack.
The extensive financial information small-dollar loan applicants are required to submit will be shared with a number of credit reporting agencies (CRA). It has been reported that this is not the first time the CFPB aggressively collected data. The House Financial Services Committee found that the CFPB collected 87% of data for purposes of monitoring market abuse, but it was only necessary to collect just 1% to fulfill its mission as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Source: Washington Examiner