Banks Challenge CFPB's Data Collection Practices

Law360, New York (August 26, 2013, 1:43 PM EDT) -- A leading banking industry trade group on Friday said the Consumer Financial Protection Bureau needs to be more transparent and open about the data that it collects from consumers, and how it intends to use that information to shape policy.

The American Bankers Association's objection to the CFPB's request for a "generic clearance" to put together new surveys of potentially sensitive consumer information comes as some top Senate Republicans are raising concerns about the CFPB's data collection efforts.

In their letter, the ABA blasted the federal...
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