Cordray Defends U.S. Consumer Bureau Data-Collection Plan

Data collected by the U.S. Consumer Financial Protection Bureau doesn’t invade individuals’ privacy, is a vital regulatory tool and mimics techniques already in wide use by the private sector, the agency’s director said today.

“The big banks know more about you than you know about yourself,” CFPB Director Richard Cordray said at a hearing of the Senate Banking Committee, where he faced criticism about a bureau data-collection initiative. “And me too, as a consumer.”