April 19, 2023

Scott Seeks Answers on CFPB Data Breach

Washington, D.C. – Senator Tim Scott (R-S.C.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, is requesting a briefing and further information from Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra concerning a breach of sensitive data. In a letter, the Ranking Member expressed concern about the CFPB’s mishandling of data, especially as the agency plans to collect more sensitive information from consumers, small businesses, and lenders.

According to information provided by the CFPB to Ranking Member Scott, the breach included personally identifiable information (PII) and confidential supervisory information (CSI) of dozens of financial institutions and the PII of certain institutions’ customers.

“This data breach is an egregious lack of oversight by the CFPB. It is no secret that Director Chopra wants to collect more and more data in order to push out progressive regulations. Why should the CFPB be trusted to collect more data, burdening financial institutions and potentially limiting services for consumers, when they themselves have demonstrated an irresponsible handling of consumer’s financial information. This is particularly concerning in the face of the failures of SVB and Signature Bank. Our regulators and agencies need to take responsibility for their failures and must be held accountable,” said Ranking Member Scott.

Read the full letter here.