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Wednesday, September 24, 2014

Hensarling: GAO Reports Weakness in CFPB’s Data Security

Financial Services Committee Chairman Jeb Hensarling (R-TX) released a statement on the GAO report showing the CFPB’s inadequate security and privacy protections of the private financial data it is collecting. Chairman Hensarling said:

It literally took an act of Congress to obtain this information because the unaccountable CFPB would not answer our questions. The American people are rightfully worried about the massive amounts of private information government collects on their personal lives, especially in this age of criminal hackers, data breaches and identity theft. This report reveals troubling deficiencies in the CFPB’s data security procedures and privacy controls, as well as an apparent effort by the CFPB to skirt the consumer privacy protections required by Congress in both the Dodd-Frank Act and the Paperwork Reduction Act.

Read the press release.
Read the Dodd-Frank Tracker summary of the GAO report.

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