For Immediate Release
December 16, 2015
ABA Media Contact: Jeff Sigmund
(202) 663-5439
Email: jsigmund@aba.com
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ABA Testifies on CFPB’s Data Collection Practices

WASHINGTON – While the Consumer Financial Protection Bureau’s has said it places a high priority on data’s role in policymaking and the importance of transparency in the use of data, their actual practices have fallen short of these standards, according to testimony from the American Bankers Association before the House Financial Services Subcommittee on Oversight and Investigations.
 
Wayne Abernathy, ABA’s executive vice president for financial institutions policy and regulatory affairs, testified that while the Dodd-Frank Act gives the CFPB significant authority to require information and gather data, how much the CFPB is, in fact, data driven – and by which data and from what sources – remains unclear.
 
“Problematic Bureau data practices have undermined the effective use of data to serve as a check on arbitrary action by the Bureau, weakened the contribution of information to the quality of policymaking and undercut the role of data to prevent regulatory abuses,” Abernathy said. “Taken together, these practices place at risk the Bureau’s mission to protect consumers.”
 
For a copy of Abernathy’s full testimony, please click here.
 
The American Bankers Association is the voice of the nation’s $16 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $12 trillion in deposits and extend more than $8 trillion in loans.
 
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