Duffy to CFPB: "That's right, because Americans don't want you to have their financial data."

In a video exchange from a House Financial Services Subcommittee hearing on the data collection practices of the Consumer Financial Protection Agency (CFPB), U.S. Congressman Sean Duffy (WI-07) questioned Steven L. Antonakes, the Acting Deputy Director of the CFPB, about the American people's right to know if their government is collecting their personal financial information.

Mr. Antonakes simply offered, "I believe it's problematic. It would impact our ability to efficiently supervise institutions." Rep. Duffy fired back, "That's right, because Americans don't want you to have their financial data. That's exactly right -- that's the point. So if they don't want you to have their financial data, don't take it! Or ask them permission. But you make the point for us: They don't want you to have the data, and you're taking it anyway under the auspicious of the "Consumer Financial Protection Bureau.' You take their data, they don't want you to have it and you don't care."

The acting director of the CFPB recently dubbed the bureau's practice of collecting the personal financial information of millions of Americans the "Big Data" project. Rep. Duffy introduced H.R. 2571, the "Consumer Right to Financial Privacy Act" which would mandate that the CFPB could only collect this information if they are given explicit permission by the consumer. The bill also forces the agency to comply with the Right to Privacy Act.

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