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Financial Services Law Insights and Observations

CFPB issues report and RFI on data sources and use

Federal Issues CFPB Data RFI

Federal Issues

On September 25, the CFPB released a report on the Bureau’s data governance program, including what data the Bureau collects, from where the data is sourced, and how the data is used and reused within the Bureau. The report emphasizes that data informs a large portion of the Bureau’s work, including rule writing, supervision, enforcement, consumer education, and market monitoring. The report details the more than 188 data collections from public sources, government agencies, commercial vendors, financial institutions, and consumers that the Bureau has undertaken to date. In connection with the report, the Bureau issued a request for information (RFI) seeking feedback on the Bureau’s data governance program and data use. Specifically, the RFI requests comments on, among other things, (i) the overall effectiveness and efficiency of the Bureau’s data collections; (ii) privacy issues related to the Bureau’s data collection practices; (iii) ways the Bureau should or should not reuse data collected for one purpose to inform other work; and (iv) ways the Bureau could make data reporting less burdensome. Comments must be received by December 27.

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