Democratic-hopeful Richard Cordray recently announced in his bid for Ohio’s governor seat that he intends to enact failed policies from his time at the Obama administration’s Consumer Financial Protection Bureau (CFPB).
In April, it was revealed that under Cordray’s direction the CFPB allegedly faced at least 1,000 different hacks, including 240 data breaches, while the bureau was in the process of gathering 991 million American credit card accounts, The Daily Caller reported.
During a 2014 hearing, Cordray explained that his agency was “collecting aggregated information,” and was unable to guarantee that “consumer information is 100 percent secure.”
Acting Director Mick Mulvaney confirmed Cordray’s comments while testifying before Congress in April, saying that “everything” the CFPB collects is “subject to being lost.”
The CFPB has been at the center of controversy ever since its 2011 founding, and was criticized in November by President Trump’s Treasury Department as having an “unaccountable structure.”
“The CFPB was created to pursue an important mission, but its unaccountable structure and unduly broad regulatory powers have led to regulatory abuses and excesses,” the Treasury stated in a report, according to USA Today. “The CFPB’s approach to enforcement and rulemaking has hindered consumer choice and access to credit, limited innovation, and imposed undue compliance burdens, particularly on small institutions.”
Nonetheless, Cordray hopes to apply similar practices to Ohio’s Department of Insurance if elected to replace Gov. John Kasich, who will be leaving office due to term limits. While unveiling his healthcare proposal in July, the former Obama appointee said he would use the department as a consumer watchdog agency.
Voters, however, seem to be far more concerned with protecting their data than with saving a dime, at least according to Radware’s recent Consumer Sentiments Research survey. According to the report, 55 percent of consumers ranked data theft as more of a concern than the 23 percent who labeled theft of their wallet as a top concern.
“It’s no surprise that data theft ranks so high in the minds of Americans as a major risk,” Radware Chief Marketing Officer Anna Convery-Pelletier commented. “It’s easy to buy a new car or a new cell phone, but having private data exposed can have permanent consequences for both the consumer and the brand where the breach occurred.”
Notably, the survey points out that medical records are more valuable to hackers than other types of data, with medical information selling for up to $1,000 on the dark-web compared to just $2 for a Social Security number.
Cordray isn’t the only Democrat who has endorsed data-mining practices, with Sen. Elizabeth Warren (D-MA) backing the CFPB’s collection of consumer information. In his policy proposal, Cordray also explained that he will need to “investigate the causes” of the rising price of prescription drugs in Ohio, according to Cleveland.com. He will face off against Republican Mike DeWine in November’s election.
