Data Collection Becomes Latest Front In Banks' War On CFPB

Law360, New York (September 4, 2013, 7:58 PM EDT) -- The Consumer Financial Protection Bureau’s vast data collection program has drawn repeated attacks from industry groups and Republican lawmakers, an ongoing effort privacy groups claim is the latest battle over the bureau’s powers to regulate banks and related companies rather than a fight over consumer data protections.

The Dodd-Frank Act, which created the CFPB, gave the bureau the authority to collect voluminous amounts of data from the companies it regulates in a bid to give it more information about what is happening in the market for...
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