Leaders on Capitol Hill are continuing to inquire how the Consumer Financial Protection Bureau operates. To date, more than 50 U.S. representatives — both Democrats and Republicans — have sent letters of inquiry to the agency about its techniques.
The latest CFPB callout came from Sen. Mike Crapo, a Republican from Idaho who is also a ranking member of the Senate Banking, Housing and Urban Affairs Committee. Crapo on Tuesday asked that the Government Accountability Office examine what he referred to as the bureau’s “big data” collection effort on consumer spending habits.
He inquired first during a hearing, then in a letter sent to the CFPB, asking about the data collections’ legality and capacity after discovering that the agency was spending upward of $20 million to collect information on millions of Americans’ personal banking and credit card, mortgage, and student loan information.
“The size and scope of CFPB’s data collection warrant proper government oversight to both guard consumers’ privacy and ensure that the CFPB is acting within its existing authority,” he said.
In his request to GAO, Crapo noted it is unknown what information, or from how many accounts, the CFPB is amassing, or how the bureau plans to use said information.
A list of Crapo’s questions to GAO can be found on his website.
