Summary: BCFP Request for Information Regarding Bureau Data Collections

Bureau of Consumer Financial Protection
Prepared by the NASCUS Legislative & Regulatory Division
October 2018

The Bureau of Consumer Financial Protection (Bureau) is seeking comments and information from interested parties to assist the Bureau in assessing the overall efficiency and effectiveness of the Bureau’s Data Governance Program and its Data Collections in support of the Bureau’s work.  Additionally, the Bureau is considering whether any changes to its Data Government Program or Data Collections would be appropriate.

Comments are due on December 27, 2018. The RFI can be found here.

The Bureau collects, manages and publishes information in the course of its activities in accordance with the Dodd Frank Act and other statutes. Dodd Frank specified six primary function for the Bureau, which included requiring the Bureau to collect data.  The Bureau collects information to inform/guide its work.  The Bureau also works to protect its data by using a secure environment and employing best practices for data controls.  The Bureau is issuing this
Request for Information (RFI) seeks input on several aspects of the Bureau’s Data Governance Program and its Data Collection activities to date and suggestions for future improvements.

The Bureau is seeking feedback on all aspects of its Data Collections including:

  • Aspects of the Bureau’s Data Governance Program
  • The Bureau’s Data Collection practices related to privacy, including practices the Bureau should maintain or changes that the Bureau can feasibly make to further protect privacy without hindering the Bureau’s ability to accomplish is objectives and statutory mandates
  • Changes the Bureau should, or should not, make to the sources, uses, and scope of its Data Collections
  • How and when data collected primarily for one Bureau function should, or should not, be used for other Bureau functions consistent with applicable law
  • Ways to improve Data Collection processes that reduce reporting burden without hindering the Bureau’s ability to accomplish statutory objectives
  • Changes the Bureau could make to existing Data Collections, or potential new Data Collections the Bureau could collect, consistent with its statutory authority, to more effectively meet the statutory purposes and objectives as set forth in section 1021 of the Dodd-Frank Act
  • Other activities that the Bureau could engage in to make the Data Collection requests from financial institutions more effective and efficient
  • Areas where the Bureau has not exercised the full extent of its Data Collection authority; where Data Collection would be beneficial and align with the purposes and objectives of the applicable Federal consumer financial laws; and/or where the Bureau can better leverage data as a strategic asset to increase effectiveness

The Bureau is issuing concurrently with this RFI a report on the Sources and Uses of Data of the Bureau of Consumer Financial Protection (“Data Report”).  The report describes the sources and uses of the data that the Bureau collects, as well as the Bureau’s data governance structure and processes governing the intake, use, access and disclosure of data.  The report can be accessed here.