CFPB Seeks Feedback on Data Collection, Governance

The Consumer Financial Protection Bureau has issued a request for information seeking feedback on its collection and treatment of consumer data as it assesses whether changes to its current practices are needed. Comments are due 90 days after publication in the Federal Register.

The bureau is asking the public to comment on its data governance program and any ways that it could be improved; its data collection practices and potential changes; how the bureau should (or should not) use data for multiple functions; ways to reduce reporting burden and increase efficiency around data collection; and any areas the bureau could expand its data collection authority to better support its statutory objectives.

Along with the RFI, the bureau also released a report highlighting the ways it is currently collecting, using and safeguarding consumer data. The report provides an overview of the CFPB’s current data governance structure, how it currently collects and uses consumer data and how data is reused within the bureau.