CFPB, Federal Agencies, State Agencies, and Attorneys General
On March 26, the CFPB issued three policy statements designed to provide flexibility to banks and financial services companies to allow them to focus on responding to customers in need during the COVID-19 pandemic.
First, in two separate policy statements, the CFPB announced that it is postponing certain industry data collection deadlines.… Continue Reading
On September 25, the Consumer Financial Protection Bureau issued a report on its sources and uses of data. This report was followed by a Request for Information regarding its data collection practices, published in the Federal Register on September 28. In some respects, both documents are a follow-up to Acting Director Mick Mulvaney’s December 2017 order to CFPB staff to cease collecting personally identifying information, pending a review of and improvements to the Bureau’s overall data security systems.… Continue Reading
During Richard Cordray’s tenure as CFPB director, it began to look like we were heading toward an era of much more aggressive application of the Equal Credit Opportunity Act to small business lending. The biggest potential development was the anticipated small-business lending data collection rule, which would have imposed HMDA-like reporting requirements for small business lending, which in turn would have generated the statistical information that could have been used in fair lending examinations and enforcement with respect to small business lending.… Continue Reading
Since Mick Mulvaney’s appointment by President Trump as CFPB Acting Director, there have been widespread media reports about Mr. Mulvaney’s plans to impose a freeze on the CFPB’s collection of personally identifiable information (PII), such as individual loan level data, until the CFPB improves its data security systems. Mr. Mulvaney’s concerns about the CFPB’s data security systems were reportedly prompted in part by reports issued by the Office of Inspector General for the CFPB that found deficiencies in the CFPB’s data security practices.… Continue Reading
The House Financial Service Committee’s Subcommittee on Oversight and Investigations has scheduled a hearing for December 16, 2015 on “Examining the Consumer Financial Protection Bureau’s Mass Data Collection Program.”
The witnesses scheduled to appear are: Newt Gingrich, former House Speaker, Wayne Abernathy, American Bankers Association Executive Vice President for Financial Institutions Policy and Regulatory Affairs, Mark Calabria, Director of Financial Regulation Studies, Cato Institute, and Deepak Gupta, Founding Principal of Gupta Wessler PLLC.… Continue Reading
A new report from the Government Accountability Office on the CFPB’s data collection efforts finds that the CFPB needs to do more to reduce the risk of improper collection, use or release of such data. The CFPB’s data collection efforts have been the focus of criticism from lawmakers during several hearings at which Director Cordray and Deputy Director Antonakes testified. … Continue Reading
The CFPB recently sent 49-pages of responses to questions about the CFPB’s data collection activities asked by members of the House Financial Services Committee in connection with the appearance of Steven Antonakes, CFPB Deputy Director, before the committee on July 9, 2013. As we reported, Director Cordray, when he appeared before the committee on September 16, 2013, heard Republican committee members criticize the CFPB for failing to provide those responses and indicated they would be provided within days.… Continue Reading
Earlier this month, we reported that Senator Mike Crapo, Ranking Member of the Senate Banking Committee, had sent a letter to the Government Accountability Office (GAO), asking the GAO to investigate the CFPB’s data collection activities.
The GAO has now responded with a letter agreeing to Senator Crapo’s request. The letter indicates that the request has been assigned to the Managing Director of the GAO’s Financial Markets and Community Investment team. … Continue Reading
In the latest installment in the CFPB data collection controversy, the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit held a hearing on
July 9 entitled “Examining How the Consumer Financial Protection Bureau Collects and Uses Consumer Data.” The sole witness was Steve Antonakes, CFPB Acting Deputy Director. … Continue Reading
It appears Senator Mike Crapo, Ranking Member of the Senate Banking Committee, was not satisfied by CFPB Director Cordray’s letter to him responding to Senator Crapo’s questions about the CFPB’s data collection activities. Yesterday, Senator Crapo sent a letter to Gene Dodaro, Comptroller General of the Government Accountability Office (GAO), asking the GAO to investigate those activities. … Continue Reading
