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CFPB to Resume Private Consumer Data Collection - ABI

The interim head of the Consumer Financial Protection Bureau announced Thursday he would lift the freeze on the bureau’s collection of private consumer data, which helps its examiners oversee financial institutions, the Wall Street Journal reported. “Out of an abundance of caution and a desire to protect Americans’ privacy, I placed a hold on the collection of personally identifiable information and other sensitive data,” Mick Mulvaney said in a memo to agency staff. “We can lift that hold.” Mulvaney said that the concerns he had raised when he implemented the freeze in December had been assuaged after an independent review of the CFPB’s cybersecurity defenses. “The independent review concluded that ‘externally facing bureau systems appear to be well-secured,’” he said. Mulvaney added the review had uncovered other vulnerabilities when employees opened unsafe emails that could have contained viruses.

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