CFPB's Cordray Defends Data Collection Before Senate Panel

Law360, New York (April 23, 2013, 2:17 PM EDT) -- Consumer Financial Protection Bureau Director Richard Cordray on Tuesday defended his agency's vast data collection activities, saying that all information the bureau collected was anonymous and necessary to properly understand and regulate the consumer finance marketplace.

During his semi-annual report to the Senate banking committee, Cordray attempted to reassure senators that the CFPB had no interest in tracking individuals' financial transactions in sweeping up the records of up to 10 million Americans.

Rather, the CFPB is largely purchasing publicly available aggregate information as a way to...
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