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GAO reveals scope of CFPB data gathering effort
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Banking, Consumer Protection
Tuesday, September 23, 2014
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The Government Accountability Office released a highly anticipated report on the Consumer Financial Protection Bureau’s data gathering efforts. According to the report, the CFPB undertook 12 large-scale data collections since January 2012 spanning products including mortgages, student loans and credit cards. Although the CFPB has taken steps to secure these data collections, additional efforts are needed to reduce the risk of improper collection, use or release of consumer financial data, the GAO determined. Read on to learn about the CFPB’s data collection program and how the bureau responded to issues identified by the GAO.
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