Inspector General List identifies Consumer Information Security Risks at CFPBposted October 7, 2015
October 7, 2015 – Washington, D.C. – The US Consumer Coalition (USCC) released the following statement in response to a recent Office of Inspector General (OIG) “List of Major Management Challenges for the CFPB” memo that identified four high-priority security risk areas in need of improvement at the Consumer Financial Protection Bureau (CFPB).
“The OIG memo outlines the security risks that exist at the CFPB, and demonstrates yet again, the problems the CFPB continues to have with effectively managing the massive amounts of data it is collecting both from consumers and companies.
“While addressing each of these challenges is crucial, it is imperative that the CFPB take immediate steps to ensure that personally identifiable information collected from the hundreds of millions of consumers’ credit card accounts, mortgage loans, and other consumer financial products and services, are absolutely protected. An audit of the CFPB conducted by the Government Accountability Office (GAO) in September, 2014, found that the CFPB lacks written procedures and comprehensive documentation for a number of processes, including data intake and information security risk assessments. The audit also found that the CFPB has not yet fully implemented a number of privacy control steps and information security practices.
“This ‘Major Management Challenges’ memo serves as yet another reminder that the CFPB must act immediately to address legitimate concerns about the security of American consumers’ sensitive and personal information, and protect that information from public disclosure and misuse by our government.”
The US Consumer Coalition (USCC) is a grassroots consumer advocacy organization working to protect and expand access to free-market goods and services.