Crapo alarmed by data collection

Idaho Sen. Mike Crapo held a Boise press conference today to press his concern about collection of consumer financial data by the federal Consumer Financial Protection Bureau, an issue on which he’s requested a GAO investigation that’s now under way. Crapo acknowledged that the CFPB has been at the center of partisan battling in Congress and that he opposed its formation, preferring to keep regulation of consumer finances with that of the safety and soundness of banks and other financial institutions; Crapo, the ranking minority member of the Senate banking committee, lost that fight.

But he said revelations of the amount of consumer financial data the new agency is tracking should be of concern to all, particularly in light of concerns over NSA tracking of phone calls and other federal agencies’ use of data about Americans. The CFPB has “very, very little political oversight,” Crapo said. “It has the ability to run its own agenda. … This agency is run by a single individual.” Read more . Betsy Russell, EOB

On a scale of 1 to 10, how concerned are you about government agencies oversight of data collection?