GOP raps agency's data collection
WASHINGTON- Republicans in the Senate criticized the newly established Consumer Financial Protection Bureau headed by Richard Corday for collecting anonymous data on consumers. Sen. Mike Crapo of Idaho complained the agency should be watching out for consumers, not watching them. Cordray told the Senate Banking Committee his bureau is using the data to understand the financial marketplace and help consumers, not violate their privacy. The CFPB is tracking the credit card, mortgage and spending habits of millions. The agency was created after the 2008 financial crisis and Republicans generally opposed its creation and contend it has too much power.
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