Please ensure Javascript is enabled for purposes of website accessibility

Republicans Rap Consumer Agency's Data Collection

By Associated Press - Apr 23, 2013 at 1:50PM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Republicans have questioned the legitimacy of Cordray's recess appointment by President Barack Obama.

WASHINGTON (AP) -- Senate Republicans are criticizing federal regulators' efforts to track the credit card, mortgage, and spending habits of millions of consumers by collecting anonymous data about them.

Sen. Mike Crapo of Idaho says the newly established Consumer Financial Protection Bureau should be watching out for consumers -- not watching them. Agency head Richard Cordray told the Senate Banking Committee on Tuesday that his bureau is using the data to understand the financial marketplace and to help consumers -- not violate their privacy.

Republicans have questioned the legitimacy of Cordray's recess appointment by President Barack Obama. The new financial protection bureau was created in the wake of the 2008-2009 financial crisis. Republicans generally opposed the agency's creation and contend it has too much power.

Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Related Articles

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning service.

Stock Advisor Returns
S&P 500 Returns

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 05/21/2022.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.