[1][2] The Consumer Financial Protection Bureau (CFPB) experienced a significant security breach when a former employee transferred confidential information on approximately 256,000 consumers and forty-five financial institutions to their personal email account.
[3][4] The unauthorized transfer involved data from seven firms, though the majority of the consumer information came from one institution.
[3] The data was sent over fourteen emails and it contained personally identifiable information (PII) of consumers.
[3][4][6] Shortly following the data breach, Senator Cruz and Rep Donalds authored a bill seeking to eliminate the CFPB.
[8] The Institute claims this initiative reflects broader concerns about data security and management practices within governmental consumer protection agencies.