Crapo said his comments were prompted by several recent reports that various federal agencies have potentially violated the privacy of U.S. citizens.

“There is without a doubt a trust deficit in government today, and we now have a federal agency that is using unchecked power to gather data on the spending habits of hundreds of millions of Americans,” Crapo said. “We do not know exactly what information is being collected or how it is being used; the agency has been evasive in its answers to questions from Congress. We do know that the data includes information from credit card accounts, bank accounts, mortgage transactions and student loan transactions."

Crapo is ranking member of the Senate Banking, Housing and Urban Affairs Committee and said he has demanded answers from the CFPB on the data collection program, but to no avail. Crapo has asked the Government Accountability Office to investigate the program.