Posted on 09/13/2013 10:59:03 AM PDT by upchuck
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.
“This is one step closer to a Big Brother form of government where they know everything about us,” said Rep. Sean Duffy, R-Wis.
At a Wednesday hearing before the House Financial Services Committee chaired by Rep. Jeb Hensarling, R-Texas, CFPB Director Richard Cordray defended the data-mining practice and said his agency is monitoring credit card usage at 110 banks, including Morgan Chase, Bank of America, Capital One, Discover and American Express.
In a related development, Rep. Spencer Bachus, Hensarling’s predecessor on the House Financial Services Committee, told the Examiner he believes CFPB violated at least two federal laws by using the impartial U.S. Trustee Program to gather bankruptcy data as part of the data-mining campaign.
The Examiner reported Monday that bankruptcy experts are concerned that CFPB is undermining the trustee program's independence and impartiality. The trustee program is the federal government’s main administrative agency for handling bankruptcy cases.
Read the rest here: http://washingtonexaminer.com/cfpbs-data-mining-on-consumer-credit-cards-challenged-in-heated-house-hearing/article/2535726
Guess the pigs in congress have decided if they aren’t ‘loved’ they might as well be feared....
They’re being short sighted...
My God! Thank you Thouworm. OMG...
That's a rip-off.
I see they will also sell you a $200 American Express gift card for only $206.24. That's still a rip-off, although less of a one.
None of those data points ties the card to me.
Thanks for the post; ping; links/info.
Isn’t it the latest uaccountable bureaucracy set up by socialists? Unaccountable bureaucrats are socialists. BIG GOVERNMENT IS CRONY SOCIALISM. “Socialism Is Legal Plunder” - Bastiat
He has erected a multitude of New Offices, and sent hither swarms of Officers to harrass our people, and eat out their substance.
http://www.consumerfinance.gov/the-bureau/
http://www.usa.gov/directory/federal/
—That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness.
FUCFPB
FUBO
FUCONgress
FUUSSC
FUFED
FUIRS
FUNSA
DEPOPULATE socialists/totalitarians from the body politic. DEFUND their collectives, foreign and domestic.
live - free - republic
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