The Consumer Financial Protection Bureau (CFPB) has experienced at least 240 lapses in data security and there could be 800 more instances, its acting director Mick Mulvaney said Thursday.
During testimony in front of the Senate Banking Committee, Mulvaney — who also serves as director of the Office of Management and Budget — admitted to the data snafus under questioning by Sen. David Perdue, R-Ga.
"I want to be careful about what I say, and I would be happy to talk about this more in private, but we have been able to document about 240 lapses in our data security," Mulvaney said.
"I think data got out that should not have gotten out. There's another 800 that we suspect that we haven't been able to confirm."
Mulvaney said the CFPB collects and keeps "loan-level data" on Americans, which refers to information taken on things like mortgage applications. That includes details such as contact information and social security numbers and even bank account information.
He was hesitant to speak in more detail about the data lapses and agreed to reconvene with the committee in a closed-door session to further discuss the matter.
"I don't want to say anything, but I'm more than happy to talk to all of you about what I've talked with the [inspector general] about," he said. "I think it actually does more harm than good to mention it in a public setting."
The CFPB serves as the watchdog for the financial industry and mostly focuses on how mortgages, credit cards, and student loans are handled by banks. It was formed in 2011.
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