Summary of Congressional Hearing on Data Breach and Small Business Data Collection

🔒The data breach at the agency was caused by an insider threat and involved the unauthorized transfer of emails to personal accounts.

🚩The breach compromised the data of 256,000 consumers, but did not include social security numbers or birth dates.

📣The agency delayed informing customers about the breach for two months due to a lack of contact information.

❓Concerns were raised about a proposed rule requiring banks to collect customer information about race, ethnicity, and sexual preference.

🔍The agency claims that the proposed rule has been revised and now allows borrowers to self-identify their information.

What caused the data breach at the agency?

—The data breach was caused by an insider threat who transferred emails to personal accounts without authorization.

How many consumers' data was compromised?

—The data of 256,000 consumers was compromised in the breach.

What information was compromised in the breach?

—The compromised data did not include social security numbers or birth dates.

Why did the agency delay informing customers?

—The agency did not have the contact information of the customers, which caused the delay in notifications.

What is the proposed rule regarding small business data collection?

—The proposed rule requires banks to collect customer information about race, ethnicity, and sexual preference.

00:00The congressional hearing begins with the chairman thanking the attendees, including Mr. Chopra.

00:02The agency experienced a data breach caused by an insider threat.

00:10The breach involved the unauthorized transfer of emails to personal accounts.

00:36Approximately 256,000 consumers' data was compromised in the breach.

01:17The agency delayed notifying customers about the breach due to a lack of contact information.

02:00A senator raises concerns about a proposed rule requiring banks to collect customer information about race, ethnicity, and sexual preference.

03:58The director clarifies that the proposed rule has been revised and allows borrowers to self-identify their information.

05:25A senator questions the necessity of collecting personal information from small business owners.