WASHINGTON—The Government Accountability Office is raising questions over the collection of what it says is sensitive financial data on millions of Americans by the Consumer Financial Protection Bureau.
According to a recent GAO report, the CFPB is collecting financial data on close to 600-million credit card accounts but lacks adequate privacy and security plans to protect the information.
Senator Mike Crapo (R-ID) requested the GAO study, stating on his website that the massive data collection effort “is an unwarranted, unwelcome intrusion into the private financial lives of millions of Americans.”
According to the GAO, the data collection centers on 11 million credit reports, 29 million active mortgages and 5.5 million private student loans.
The amount of information being collected is not the focus GAO concerns, rather the CFPB’s protocols to protect the data, which are not clearly defined. The CFPB does not have a written procedure for data collection and security, which could result in inconsistencies in the execution of the group's privacy policy, the GAO reported.
Senator Crapo originally requested the study because he was concerned about the scope of the agency's collective practices.
"At a time when data and identity-related crimes are at an all-time high, the last thing the American people need is one more federal agency collecting their private financial information," he said.
The story first appeared on LowCards.com.