The CFPB was forced into the limelight on Tuesday when Sen. Mike Crapo, R-Ida., recently asked the Government Accountability Office to investigate the "big data" collection efforts underway on consumer habits at the CFPB.
The CFPB was created in concordance with Dodd-Frank to protect consumers; however, this main goal is causing the root of its problems.
In attempting to collect data to inform opinions on how to help borrowers, the bureau is creating a privacy concern for government officials and the general public. It's not new. The CFPB is not trying to hide its data collections practices and related partnerships.
In light of this, the Woodstock Institute voiced that it stands with the CFPB progress, claiming that the data could clue regulators in to another emerging mortgage crisis before it occurs and allow them to conclusively detect discriminatory lending practices.