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|ABA Testifies on CFPB's Data Collection Practices|
|Thursday, 17 December 2015|
While the Consumer Financial Protection Bureau’s has said it places a high priority on data’s role in policymaking and the importance of transparency in the use of data, their actual practices have fallen short of these standards, according to testimony from the American Bankers Association before the House Financial Services Subcommittee on Oversight and Investigations.
Wayne Abernathy, ABA’s executive vice president for financial institutions policy and regulatory affairs, testified that while the Dodd-Frank Act gives the CFPB significant authority to require information and gather data, how much the CFPB is, in fact, data driven – and by which data and from what sources – remains unclear.
“Problematic Bureau data practices have undermined the effective use of data to serve as a check on arbitrary action by the Bureau, weakened the contribution of information to the quality of policymaking and undercut the role of data to prevent regulatory abuses,” Abernathy said. “Taken together, these practices place at risk the Bureau’s mission to protect consumers.”
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