Rep. Lynn Westmoreland is hoping to wrap some accountability around the Consumer Financial Protection Bureau (CFPB), that albatross created by the Dodd-Frank bill to “serve as a liaison between consumers and credit card companies” by introducing a data protection bill.
Doesn’t it give you a warm and fuzzy feeling to know that your government has access to every credit transaction you make? With no time limit to purge the data, no protections (i.e. positions of trust requiring clearances, etc.) on viewing the data, or transport/transference, you must know you’re in the best of hands.
Press Release below the fold:
FOR IMMEDIATE RELEASE
May 6, 2014
CONTACT: Leigh Claffey
Westmoreland Introduces CFPB Data Collection Security Act
One of the worst parts of the Dodd-Frank bill was the creation of the Consumer Financial Protection Bureau (CFPB). The CFPB was intended to serve as a liaison between consumers and credit card companies; however it was so poorly written that it is a scandal-filled, stereotypical Washington bureaucracy. It has access to sensitive information, and little to no congressional accountability.
Currently, CFPB has access to your credit information and offers minimal transparency. It is highly concerning that they have access to collecting your data without your permission and have no time limit on keeping your information in their system. These CFPB employees can view your information, such as your social security and credit card numbers, but don’t have any security clearances. You also don’t have the option to request to be taken out of their system or for your information to be deleted from their system. The director of the CFPB, Richard Cordray, was appointed by President Obama and was a highly controversial recess appointment, similar to those brought before the Supreme Court to decide their legitimacy.
I introduced the CFPB Data Collection Security Act to address these important security flaws. It’s a five part bill that includes the creation of a consumer opt-out list for data collection by the Consumer Financial Protection Bureau (CFPB) and puts time limits on data held by the Bureau. The CFPB must purge the data lists after 60 days of the completion of an investigation. In addition, the bill requires the CFPB to provide one free year of credit monitoring, a Senate-confirmed Director to run the Bureau, and a “confidential” security clearance for certain CFPB employees.
The CFPB Data Collection Security Act is a simple bill to address a huge problem in protecting your information from not only internal abuse, but from hackers as well. It improves the ability to know what they have and the right to have it removed from their system. As support for the CFPB Data Collection Security Act grows, I also hope it raises awareness to question the credibility of the CFPB and an examination of the bureau’s necessity.