A supplement to a report issued last September on the various sources of data the Consumer Financial Protection Bureau (CFPB) uses in its work to ensure consumers access to products and services that are “fair, transparent, and competitive,” as the law provides, was issued Thursday, along with links to the bureau’s data governance policies, charters, and data sharing procedures.
Also provided Thursday was a list of the memoranda of understanding (MOUs) the bureau has entered into with scores of federal and state regulators, states attorneys general and others. This list, provided as an appendix to the report, states that the bureau “intends to supplement this report with the text of its MOUs, subject to the necessary approval of affected state and federal agencies.”
The September report described the bureau’s data governance program, what data the bureau collects, where the data come from, how data are used, and how data are reused within the bureau, the agency said. Thursday’s supplement includes information on voluntarily-provided consumer data assets and the third-party costs associated with the purchase and/or collection of information.
When it released its September report, the bureau also issued a request for information as part of a ‘Call for Evidence’ initiative to ensure that the Bureau is fulfilling its proper and appropriate functions to best protect consumers. The RFI provided the public an opportunity to: (1) comment on the overall efficiency and effectiveness of the Bureau’s data collections and data governance program; and (2) suggest ways to improve outcomes for both consumers and covered entities. This RFI generated 13 comment letters, the bureau said.