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New CFPB Chief Curbs Data Collection, Citing Cybersecurity Worries - ABI

The Trump administration’s interim director of the Consumer Financial Protection Bureau said he has frozen the agency’s collection of personal information due to cybersecurity concerns, a step in changing policies criticized by the financial industry, the Wall Street Journal reported. Mick Mulvaney, who is splitting his time as acting CFPB director and the White House’s budget chief, yesterday said that the decision is part of his effort to improve the agency’s data-security program. The longtime critic of the CFPB was appointed as its acting director by President Donald Trump on Nov. 24, succeeding Richard Cordray, an Obama appointee who left after a six-year tenure at its helm. Critics of the CFPB have long complained about the bureau’s efforts to collect consumer data on credit cards and mortgages through its disclosure rules, consumer complaint database and enforcement actions. They say such actions threaten privacy and information security. CFPB officials have in the past said such data help the agency identify discrimination and other industry misconduct, and can serve as a basis for writing rules.

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