Woodstock Institute Defends CFPB Data Depot

July 10, 2013
Housing Wire 
student loan news

The Consumer Financial Protection Bureau is catching flak from some corners because of its efforts to gather consumer financial data. While the agency is collecting information for the purpose of shaping policy to help protect the public, some view the campaign as a privacy issue. In defense of the CFPB, the nonprofit Woodstock Institute -- which champions fair lending and financial systems reform -- argued that the data would alert regulators to another mortgage crisis before it could occur and allow them to conclusively ferret out lending bias. "The financial industry is already using every data tool at its disposal to target consumers with offers for payday loans, credit cards, and high-cost student loans," said Woodstock's Spencer Cowan. "In order to monitor a constantly evolving marketplace and base regulations on clear evidence, the CFPB must be empowered to analyze timely, granular data on the interactions between corporations and consumers." He added that, "Preventing the CFPB from using data to drive its decision would ensure that the agency -- and consumers -- are always one step behind the financial industry." 

Web Link

Abstract News © Copyright 2008-2013 INFORMATION, INC.
Powered by Information, Inc.

Stay Updated

Join the fight against predatory lending. Enter your e-mail to sign up for breaking news, action alerts, and CRL's original research.

   Please leave this field empty

Help Us End Predatory Lending

Predatory lending destroys family wealth, and preys on our most vulnerable communities. You can help us end abusive lending practices by donating to CRL, or by sharing our work with others.