WASHINGTON – U.S. Senator John Boozman (R-AR), Chairman of the Senate Appropriations Subcommittee on Financial Services & General Government, pressed Consumer Financial Protection Bureau (CFPB) Director Richard Cordray about the need to provide flexibility to community banks as well as the CFPB’s data collection and security practices.
“We need a regulatory system where any bank, regardless of size, can succeed. With Dodd-Frank, some banks are too big to fail and others, our community banks in particular, are too small to succeed,” Boozman said. “I stressed with Director Cordray the need to provide our community banks with flexibility as Dodd-Frank’s one-size-fits-all approach to regulating our banks is not the answer.”
Boozman raised this point during a meeting he hosted with Cordray to discuss various issues related to the CFPB’s mission, proposed regulations and transparency to Congress and the American public.
Boozman also challenged Cordray on the Bureau’s belief that it needs to collect massive amounts of personal data from Americans and questioned whether the CFPB is doing enough to protect the data it retains.
“As we have seen with breaches at other federal agencies, the personal information of millions of Americans is at risk. I am of the belief, as are many of colleagues, that less personal information should be collected by the CFPB and more needs to be done to protect the data it claims to need. It is my hope that the CFPB understands these concerns and can assure Congress and the American people that it is safeguarding the personal financial information it collects,” Boozman said.