Crapo Voices Concern Over CFPB Data Gathering

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 in a column on his website Monday that the agency has been "evasive" in responding to questions about the collection of consumer data, noting that he has since learned via media reports the CFPB has allocated $20 million to collecting information from more than 10 million people.

"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.