On this occasion, CF Director Richard Cordray made one of his frequent Capitol Hill appearances to present his agency’s Semi-Annual Report to the Senate Banking Committee. Unlike the House, where the Financial Services Committee Chairman will not schedule the Director because he believes the Director’s recess appointment is un-Constitutional, the Senate welcomed Director Cordray.
As is the norm, Senate Banking Committee critics raised a number of concerns about the work of the new agency. In addition to the usual concerns about the CFPB’s organizational structure, conduct of cost/benefit studies and how the agency is funded, Senate Crapo brought up a new issue. He was concerned about published reports concerning the agency’s collection of personal information.
Director Cordray strongly defended his agency’s acquisition of non-personalized financial information from sources already used by other governmental agencies. Personal information received by the agency through the voluntary consumer complaint process is being handled appropriately, according to the Director.