Consumer Data Collection Needed by Agency, Cordray Says
This article is for subscribers only.
The U.S. Consumer Financial Protection Bureau’s collection of credit-card account data, criticized by bankers and Republican lawmakers, is critical to the agency’s legal mandate, its director told members of Congress.
“Simply put, we cannot effectively regulate that which we do not understand,” CFPB Director Richard Cordray wrote in a May 23 letter to senators. “When collecting information necessary to perform our regulatory functions, we seek to limit to the greatest extent possible any burdens on market participants and take all necessary precautions to protect individuals’ personal privacy.”