Apr 242013
 April 24, 2013  Posted by  Featured News, Govt

From the Blog of LegalTimes:

Consumer Financial Protection Bureau head Richard Cordray defended his agency’s plan to collect financial data on 10 million consumers as necessary and appropriate in testimony today before the U.S. Senate Committee on Banking, Housing and Urban Affairs.

The data, which include information on consumers’ credit card use, mortgage payments and other financial transactions, “is widely available, widely used” and anonymous, Cordray said. “The notion that we are tracking individual consumers or somehow invading their privacy is quite wrong.” He stressed that the agency needs the information to understand market trends and write reports to Congress.

Read more on BLT. It sounds like at least some senators were asking good questions.

Thanks to Joe Cadillic for sending in this link.

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