WASHINGTON — The Consumer Financial Protection Bureau is taking longer than expected to issue rules on financial products like prepaid cards, payday loans, student loans as well as releasing a final report on arbitration clauses.

But CFPB Director Richard Cordray sought to reassure lawmakers on Tuesday that the agency would soon address many of those areas within the year. Speaking at a Senate Banking Committee hearing on the CFPB's budget, he also confronted fears about the agency's "big data collection," saying it could not be reverse engineered to identify personal information.

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