Conflicting CFPB message

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Morgan Drexen Sees Conflicting Messages in Legal Standoff With CFPB Over Consumer Privacy

Report Says: Gov’t Demands Data Protection While Attempting to Seize Data.

Morgan Drexen ( is holding firm in its pledge to protect the private financial records of thousands of American consumers – despite seemingly contradictory directives from the U.S. government. The Consumer Financial Protection Bureau has demanded Morgan Drexen release private financial and attorney communications of bankruptcy clients protected by attorney-client privilege. However, on Monday, Federal Trade Commission Chairwoman Edith Ramirez said the FTC is pushing Congress for the power to secure civil penalties against businesses that “fail to maintain reasonable security,” according to a report by Corporate Counsel, a watchdog organization for attorneys.

“It strikes me as hypocritical and disjointed that one government agency would demand extreme protection of private data, while other government agencies aggressively attempt to harvest that very same data,” said Walter Ledda, Morgan Drexen CEO. “This is like the fox guarding the henhouse. The government can’t claim to be protecting privacy while invading it at the same time.”

In recent months, the CFPB has been harshly criticized for monitoring up to 900 million credit card accounts and spending more than $20 million to collect and analyze the data. The Government Accountability Office is now investigating the CFPB’s data mining efforts. The National Security Agency (NSA) has also come under fire for its data gathering and domestic surveillance programs…

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