CFPB announces plans to share data with state, federal law enforcement

Richard Cordray

Richard Cordray, the director of the Consumer Financial Protection Bureau, announced on Tuesday that the agency expects to soon reach a data-sharing deal between state and federal law enforcement to examine financial institutions.

The agreement will “establish a general framework to share data on consumer financial protection issues,” Cordray said in a speech at the National Association of State Attorneys General, according to Bloomberg.

Roy Cooper, the attorney general of North Carolina, said that the information-sharing relies on the use of the Federal Trade Commission’s Consumer Sentinel network as a hub for receiving complaints, Bloomberg reports.

The CFPB and state authorities have been working closely in staff groups on mutual issues.

“We are meeting regularly to discuss the challenges posed to our mutual constituents by payday loans, foreclosure scams, auto loans and debt collection,” Cordray said, according to Bloomberg. “These substantive groups allow us to keep each other updated and to launch joint initiatives in areas where we share jurisdiction.”

A spokeswoman for the FTC said, that virtually all state attorneys general can access the database, but not all states add information.

Bank lobbyists have expressed concern that the CFPB might share the confidential information with states attorneys general. Cordray said that he would not oppose legislation that allows the agency exclusive privilege to the information.

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