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Volume 29 - Number 2

January 22, 2018

Sen. Warren Asks if Data Collection Limits Are Restricting Examiners

Sen. Elizabeth Warren, D-MA, recently questioned whether CFPB Acting Director Mick Mulvaney is intentionally trying to undermine the bureau, utilizing some Inspector General concerns about the agencys data security as a pretext. In a letter to Mulvaney and Leandra English, the deputy director of the federal regulator, Warren said the CFPB cannot fulfill its core functions without collecting personally identifiable information. When a consumer submits a complaint, the CFPB asks for information such as their name and account number to enable the agency to help resolve the dispute, Warren said. CFPB bank examiners and enforcement lawyers regularly use account-level data provided by regulated institutions to detect improper and unlawful activity. Similarly, the bureaus Office of Fair Lending collects and analyzes ...

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