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Wednesday, July 3, 2013

Sen. Crapo Requests Investigation of CFPB

Sen. Mike Crapo (R-Idaho), the ranking member of the Senate Banking Committee, yesterday asked the Government Accountability Office to “investigate” the Consumer Financial Protection Bureau’s data collection. The CFPB has allocated over $20 million to collect data on the financial habits of more than 10 million Americans, Crapo said.

“While CFPB officials have stated the CFPB is not collecting [personal identifiable information], we do not know what information it collects, on how many accounts, or how this information is being used,” Crapo wrote. “We also need to know whether the CFPB is truly not collecting PII from this data it is collecting or purchasing.”

Crapo asked Comptroller General Gene Dodaro to investigate the purpose, scope and use of the CFPB’s data collection; its legal authority; how the bureau secures the information; and how much the collection costs both the CFPB and the institutions that provide it.

Read the letter.