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The Boston Globe

Business

Consumer bureau chief defends big-data program

WASHINGTON — The Consumer Financial Protection Bureau’s data-collection program does not invade individuals’ privacy, is a vital regulatory tool, and mimics techniques in wide use by the private sector, the agency’s director said Tuesday.

‘‘The big banks know more about you than you know about yourself,’’ director Richard Cordray told the Senate Banking Committee. At a hearing, he faced criticism about the initiative.

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