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

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

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,

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

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. 

Committee members engaged

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

When he appeared before the Senate Banking Committee on April 23, Director Cordray was questioned by Republican Senators about reports that the CFPB was demanding voluminous amounts of information from banks it supervises related to financial products and services and buying data from vendors about various financial products and services.  At the hearing, Mr. Cordray