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Wednesday, July 10, 2013

CFPB Official Defends Consumer Data Collection

Testifying before the House Financial Services Subcommittee on Financial Institutions and Consumer Credit, CFPB Acting Deputy Director Steven Antonakes defended the CFPB’s collection and use of consumer financial data.

He said that the CFPB seeks to ease the burden on financial institutions by relying on publicly available data or data already collected by other regulators, thus “relieving them of the obligation to provide the same information twice for two different purposes.”

Antonakes insisted that the CFPB complies with federal laws and rules governing the storage of personally identifiable information, noting that the bureau “strips” data of personal identifiers before performing analysis on it.

Read Antonakes’s prepared testimony.

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