Crapo charges consumer protection agency with 'unprecedented data collection'

Crapo’s comments came just hours after the Senate voted 71-29 to end debate on the nomination of Richard Cordray to lead the CFPB. A final vote on Cordray’s nomination could come as early as today.

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The CFPB was created in the Dodd-Frank financial reform law to protect consumers from predatory banks and lenders, but Crapo and other Republicans have complained that there isn’t enough congressional oversight and accountability for the bureau. 

“I consider these to be very serious privacy concerns, by the very agency that was established to look out for consumers not look into consumers,” Crapo said. “Although the confirmation of the nominee is all but certain, there remains significant work on oversight of this agency.”