The Consumer Financial Protection Bureau (CFPB) collects financial data on millions of U.S. citizens, but a report released Monday by the Government Accountability Office (GAO) suggests the CFPB “lacks a plan to adequately protect it,” National Journal reports. The GAO’s primary privacy concern is the lack of written data collection and security procedures, the report states. “The GAO's report recognizes that the bureau collects data on a scale similar to other regulators and uses that data to carry out its mission to protect consumers,” a CFPB spokesman said, adding, “The CFPB agrees with the GAO's recommendations, which focus primarily on documentation of processes related to data collection.”
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