CFPB Must Improve Financial Data Security: GAO
Mike Muckian reports:
If you’re one of the 25 million to 75 million U.S. credit cardholders whose account information has been gathered by the CFPB, your financial data may not be as safe as it should be.
The U.S. Governmental Accountability Office recently analyzed the bureau’s data security practices and was not pleased with the agency’s data management practices when it came to credit cards and 12 other financial services areas.
The September issue of GAO Highlights identified three major areas in which the CFPB’s large-scale data collections tactics and information management methodologies leave significant room for improvement.
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