Republicans Call
Federal Mortgage Database an 'Unwarranted Intrusion'
Last month, the Federal Housing Finance Agency published a notice in the Federal Register indicating that it plans to create a database with the Consumer Financial Protection Bureau that would collect a wide range of information on mortgage borrowers to get a better understanding of housing market trends. The information that may be collected includes borrowers' names, addresses, zip codes, telephone numbers, birth dates, race, gender, religion, and detailed financial data. However, in a May 15 letter sent to FHFA Director Mel Watt and CFPB Director Richard Cordray, House Financial Services Committee Chairman Jeb Hensarling (R-Texas) and U.S. Sen. Mike Crapo (R-Idaho), the top Republican on the Senate Banking Committee, said the collection of this information "represents an unwarranted intrusion into the private lives of ordinary Americans, and can be easily perceived as an abuse of the trust placed in your agencies by the American people." They asked the regulators to justify why such information, particularly information on religion, should be collected. Republicans have already questioned whether the agencies are taking adequate steps to protect consumers' privacy with regard to the database project.
From "Republicans Call Federal Mortgage Database an 'Unwarranted Intrusion'"
Wall Street Journal (05/16/14) Zibel, Alan
Last month, the Federal Housing Finance Agency published a notice in the Federal Register indicating that it plans to create a database with the Consumer Financial Protection Bureau that would collect a wide range of information on mortgage borrowers to get a better understanding of housing market trends. The information that may be collected includes borrowers' names, addresses, zip codes, telephone numbers, birth dates, race, gender, religion, and detailed financial data. However, in a May 15 letter sent to FHFA Director Mel Watt and CFPB Director Richard Cordray, House Financial Services Committee Chairman Jeb Hensarling (R-Texas) and U.S. Sen. Mike Crapo (R-Idaho), the top Republican on the Senate Banking Committee, said the collection of this information "represents an unwarranted intrusion into the private lives of ordinary Americans, and can be easily perceived as an abuse of the trust placed in your agencies by the American people." They asked the regulators to justify why such information, particularly information on religion, should be collected. Republicans have already questioned whether the agencies are taking adequate steps to protect consumers' privacy with regard to the database project.
From "Republicans Call Federal Mortgage Database an 'Unwarranted Intrusion'"
Wall Street Journal (05/16/14) Zibel, Alan
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