Collection of Personal Financial Data by CFPB is 'Troubling': Crapo

The top GOP lawmaker on the Senate Banking Committee, Sen. Mike Crapo, is requesting more information about the Consumer Financial Protection Bureau's data collection practices, claiming that the agency has been "evasive."

In a column on the Idaho Republican's website, Crapo wrote that the CFPB had been evasive in responding to questions about the collection of consumer data.

"This lack of transparency of what the agency is doing and how it intends to use this personal financial data is troubling and warrants answers in a public forum," Crapo said.

CFPB Director Richard Cordray has defended the data gathering in the past, saying it is "essential" for the agency, especially to help it set policies that Congress required through the Dodd-Frank Act.

For the full piece see "Crapo Voices Concern Over CFPB Data Gathering" (may require subscription).