Cordray Defends U.S. Consumer Bureau Data-Collection Plan

April 23, 2013
consumer financial protection bureau news

The Consumer Financial Protection Bureau's data-gathering effort is not invasive, is important for regulatory purposes, and adopts techniques already common in the private sector, the agency’s head said on April 23. “The big banks know more about you than you know about yourself,” CFPB director Richard Cordray said at a hearing of the Senate Banking Committee. “And me too, as a consumer.” The idea that the watchdog is monitoring individual consumers or invading people's privacy is way off base, he emphasized. The CFPB hopes the data will improve its rule-writing and supervisory work. In its first 21 months, it has won $425 million in relief for 6 million consumers wronged by financial service providers, Cordray said in his opening statement at the hearing.
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