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Volume 25 - Number 18

September 1, 2014

Industry Groups Express Privacy Concerns With Narrative Proposal

Some industry representatives are worried about maintaining the privacy of consumer personal data in the context of expanding the CFPB’s complaint database with consumer narratives, as the bureau recently proposed. Meanwhile, others fret that financial services companies will be unjustifiably smeared by rumors and false accusations. “[W]e have grave concerns that the CFPB’s public database of complaint information puts consumers’ nonpublic personal information at risk of public discovery,” said the Consumer Mortgage Coalition. “The CFPB now proposes to expand the amount and types of information it will publish, which increases the risk and extent of inappropriate breaches of consumer’s privacy without their knowledge.” In the new age of “Big Data,” concerns about the privacy of consumers’ personal information are heightened ...

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