On June 10, 2014, CFPB Director Richard Cordray appeared before the Senate Committee on Banking, Housing and Urban Affairs in conjunction with the May 2014 release of the Bureau’s fifth Semi-Annual Report. Cordray highlighted a variety of topics, including mortgages, student loans, complaint numbers, and proposed data collection efforts.
Senator Mike Crapo (R-Idaho) questioned Cordray regarding the CFPB’s collection of big data. In particular, Crapo questioned the CFPB’s collection of data on religion and major life events as well as collection of social security numbers. Cordray responded that this information was critical to the CFPB’s purpose and also noted that all personal identifying information is removed before being used by anyone at the CFPB.
Cordray said, “[a]s of June 1, 2014, we have received nearly 375,000 consumer complaints on credit reporting, data collection, money transfers, bank accounts and services, credit cards, mortgages, vehicle loans, payday loans and student loans.” He confirmed that the Bureau will continue to focus on the debt collection market as that is the area that receives the majority of consumer complaints.