Andrew L. Sandler Quoted in American Banker Article, “Should CFPB Have More Power Over Credit Reporting Agencies?”
American BankerAndrew L. Sandler
Andrew L. Sandler was quoted on October 10, 2017 in an American Banker article, “Should CFPB Have More Power Over Credit Reporting Agencies?” which noted a recent CNBC interview with CFPB Director Richard Cordray, during which he discussed his suggestion that the agency should have the power to examine credit reporting agencies for cyber and data security. The article stated, “When asked about having CFPB examiners embedded inside the credit bureaus, Cordray said, ‘That is exactly what I'm suggesting has to be the case, and the companies should welcome it. We are going to have to have monitoring in place that's preventive,’ Cordray said. That part of the interview has received little attention, but Cordray's suggestion raises the prospect that one day the CFPB could dive into cyber issues.”
Sandler responded, “For the bureau to seek to get involved in cybersecurity is unacceptable mission creep. The last thing they should be doing in the current environment is to seek broader jurisdiction. Cybersecurity is not a core consumer protection issue. It belongs with the prudential bank regulators, and the Federal Trade Commission at the federal level. Where disclosure issues result in consumer harm, it is a matter of state law for state attorneys general to deal with."
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