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. Specifically, the Bureau

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

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

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

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