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Republican senators accused the Consumer Financial Protection Bureau on Tuesday of invading consumers' privacy while gathering massive amounts of data from financial companies.
April 23
WASHINGTON Sen. Mike Crapo, the top GOP lawmaker on the Senate Banking Committee, is requesting more information about the Consumer Financial Protection Bureau's data collection practices.
Crapo wrote
"This lack of transparency of what the agency is doing and how it intends to use this personal financial data is troubling and warrants answers in a public forum," Crapo said.
He added: "This data collection effort by the CFPB is just the latest example of how government agencies can operate in murky waters absent proper congressional oversight. I will continue to push for structural changes to the CFPB to bring about transparency, openness and accountability."
The Idaho Republican noted that he's requested further information from the bureau on what information is being gathered and how it will be used. The bureau hasn't yet responded to those additional questions, a Crapo spokeswoman said.