- Feb 12, 2007
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Oh Goodie. Now the CFPB is storing and minining our credit card and mortgage transaction details.
Consumer Financial Protection Bureau officials are seeking to monitor four out of every five U.S. consumer credit card transactions this year up to 42 billion transactions through a controversial data-mining program, according to documents obtained by the Washington Examiner.
A CFPB strategic planning document for fiscal years 2013-17 describes the markets monitoring program through which officials aim to monitor 80 percent of all credit card transactions in 2013.
The U.S. Census Bureau reports that 1.16 billion consumer credit cards were in use in 2012 for an estimated 52.6 billion transactions. If CFPB officials reach their stated "performance goal," they would collect data on 42 billion transactions made with 933 million credit cards used by American consumers.
In addition, CFPB officials hope to monitor up to 95 percent of all mortgage transactions, according to the planning document.
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This is one step closer to a Big Brother form of government where they know everything about us, said Rep. Sean Duffy, R-Wis....
(snip)
When Duffy compared CFPB data-mining to the National Security Agencys surveillance program, Cordray angrily replied that there is no comparison between the NSA and the CFPB.
Oh, there is, Duffy retorted.
Duffy was able to extract from Cordray the names of five major banks of 110 that issue credit cards.
Duffy said CFPB was trying to gain access to nearly 1 billion credit card users in 2013.
The agency has never given us a number of how many Americans have been surveilled. However, weve seen in their disclosures they are collecting 80 percent of credit cards in America, 1.16 billion credit cards, which means that they are collecting information on just under a billion credit cards in America. Thats a scary number, Duffy said.
The CFPB strategic plan shows that in 2012, the bureau was able to gain access to 77 percent of all credit cards and hoped to increase that to 80 percent in 2013. By 2014, the agency also hopes to monitor up to 95 percent of all mortgage transactions.
CFPB's data-mining on consumer credit cards challenged in heated House hearing | WashingtonExaminer.com
So riddle me this: why does the Federal Government need to know if I ordered a book on Amazon or bought mascara at Sephora...or paid my subscriber fee to USMB?
Consumer Financial Protection Bureau officials are seeking to monitor four out of every five U.S. consumer credit card transactions this year up to 42 billion transactions through a controversial data-mining program, according to documents obtained by the Washington Examiner.
A CFPB strategic planning document for fiscal years 2013-17 describes the markets monitoring program through which officials aim to monitor 80 percent of all credit card transactions in 2013.
The U.S. Census Bureau reports that 1.16 billion consumer credit cards were in use in 2012 for an estimated 52.6 billion transactions. If CFPB officials reach their stated "performance goal," they would collect data on 42 billion transactions made with 933 million credit cards used by American consumers.
In addition, CFPB officials hope to monitor up to 95 percent of all mortgage transactions, according to the planning document.
Sign Up for the Watchdog newsletter!
This is one step closer to a Big Brother form of government where they know everything about us, said Rep. Sean Duffy, R-Wis....
(snip)
When Duffy compared CFPB data-mining to the National Security Agencys surveillance program, Cordray angrily replied that there is no comparison between the NSA and the CFPB.
Oh, there is, Duffy retorted.
Duffy was able to extract from Cordray the names of five major banks of 110 that issue credit cards.
Duffy said CFPB was trying to gain access to nearly 1 billion credit card users in 2013.
The agency has never given us a number of how many Americans have been surveilled. However, weve seen in their disclosures they are collecting 80 percent of credit cards in America, 1.16 billion credit cards, which means that they are collecting information on just under a billion credit cards in America. Thats a scary number, Duffy said.
The CFPB strategic plan shows that in 2012, the bureau was able to gain access to 77 percent of all credit cards and hoped to increase that to 80 percent in 2013. By 2014, the agency also hopes to monitor up to 95 percent of all mortgage transactions.
CFPB's data-mining on consumer credit cards challenged in heated House hearing | WashingtonExaminer.com
So riddle me this: why does the Federal Government need to know if I ordered a book on Amazon or bought mascara at Sephora...or paid my subscriber fee to USMB?
