UPDATED: Latest RFI seeks input on how data is collected, used by consumer bureau

Sources for data and how the information is used are the subjects for a “request for information” (RFI) issued Tuesday by the federal consumer financial protection agency; comments will be accepted until Dec. 27.

Accompanying the RFI issued by the Bureau of Consumer Financial Protection (BCFP, formerly known as CFPB) is a report describing the data collected by the agency, where the data comes from, and how the data is accessed and reused within the BCFP. The report also outlines the full text of the agency’s internal data governance policies and charters, BCFP said in a release.

“To carry out its statutory functions and obligations, the Bureau obtains data to inform its decisions,” the agency said in the release. “To date, the Bureau has undertaken more than 188 data collections from public sources, government agencies, commercial vendors, financial institutions, and consumers.”

BCFP said the RFI is intended to provide a public opportunity to “submit feedback on the Bureau’s data governance program and data use and suggest ways to improve outcomes for both consumers and covered entities.”

BCFP Notice and Request for Information (Federal Register notice)

Bureau of Consumer Financial Protection Issues Report and RFI on the Bureau’s Sources and Uses of Data