NEW YORK/WASHINGTON — A former employee at the Consumer Financial Protection Bureau sent confidential records relating to hundreds of thousands of consumers and several financial institutions to their personal email account, the agency said on Wednesday.
Chairman Tester, Ranking Member Moran, and distinguished Members of the Committee, it is my pleasure to appear before you today to discuss the important work of the Consumer Financial Protection Bureau (CFPB) Office of Servicemember Affairs (OSA) and the actions we have taken to protect servicemembers, veterans, and their families from fraud, scams, and harmful practices as they navigate the financial marketplace.
The CFPB, with the strong support of Assistant Attorney General Clarke and her team, has prioritized two types of modern-day redlining: digital redlining, including bias in algorithms and technologies marketed as artificial intelligence, exclusionary conduct by mortgage lenders, including those by nonbanks.
In recent years, we have seen a surge in litigation involving privacy violations in the United States. Companies that engage in activities involving the collection of user data, whether for data sharing opportunities, product enhancement, or otherwise, have faced lawsuits for alleged privacy violations.
Leaders of the U.S. Federal Trade Commission said on Tuesday the agency would pursue companies who misuse artificial intelligence to violate laws against discrimination or be deceptive.
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