Sen. Mike Crapo (R-Idaho), Ranking Member of the Senate Banking, Housing and Urban Affairs Committee, has requested an investigation of how the Consumer Financial Protection Bureau collects data on consumer spending.
Crapo made the request in a letter Tuesday to the Government Accountability Office.
“I learned through news reports that the CFPB has allocated more than $20 million for collecting and tracking spending habits of more than 10 million Americans,” Crapo wrote.
“Subsequent information I have received indicates the scope of this data collection may be far greater than this. The size and scope of this data collection warrant proper government oversight to both guard consumers’ privacy and ensure that the CFPB is acting within its existing authority,” Crapo wrote.
At issue is whether the CFPB is collecting personally identifiable financial information on consumers, something it is forbidden by law from doing, Crapo said.
He asked the GAO to consider the scope and authority the agency has for the collection, privacy issues, data security issues and to perform a cost benefit analysis on the data collection.