American Banker – 6/21/13: The U.S. Chamber of Commerce is accusing the Consumer Financial Protection Bureau of breaking the law in collecting detailed information on individual credit-card accounts. “The bureau has not issued an order or regulation imposing on businesses an obligation to provide account-level data on an ongoing basis,” David Hirschmann, chief executive officer of the chamber’s Center for Capital Markets Competitiveness, wrote in a June 19 letter to the agency. “Because it has failed to comply with this statutory requirement, we believe the Bureau’s data demands are unlawful.
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Source: Paymentspulse

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