GAO: CFPB’s Data Collection Security Procedures Need Improvement (Sept. 25, 2014)
The Government Accountability Office (GAO) has determined that the CFPB must take additional measures to mitigate risk of “improper collection, use or release of consumer financial data,” according to a recently released report. For example, the GAO said the CFPB has not fully implemented several privacy control and information security practices, which could hinder the bureau’s ability to identify and monitor privacy risks and protect consumer financial data. The GAO, which made 11 recommendations to improve the CFPB’s privacy and information security, said the CFPB agreed with its recommendations.
