The US Consumer Finance Watchdog (CFPB) is Harnessing Big Data on Consumer Activity and Banks Aren’t Happy
The new U.S. consumer finance watchdog is gearing up to monitor how millions of Americans use credit cards, take out mortgages and overdraw their checking accounts. Their bankers aren’t happy about it. The Consumer Financial Protection Bureau (CFPB) is demanding records from the banks and is buying anonymous information about at least 10 million consumers from companies including Experian Plc.
While the goal is to sharpen enforcement and rule-making, banking executives have questioned why the bureau is collecting so much without being more specific about the benefits.