Obama Paid Big Bucks to Contractors to Snoop Into Your Financial Data

Posted by Tina

Brendon Bordelon of The Daily Caller writes about this scandalous policy which is not only an invasion of privacy and possibly illegal but also another example of extreme abuse of power. Documents obtained through a Freedom of Information filing show that the Consumer Financial Protection Bureau (CFPB) “compelled banks to comply with the program by making successful passage of routine inspections conditional on supplying massive amounts of their customers’ financial information.” This is the same community organizer intimidation tactic used by ACORN to force banks to make bad loans that ultimately led to the financial crisis and meltdown that destroyed the homeowner and stock investments of moist Americans and helped to cripple the budgets of states and cities across America.

Details from the Daily Caller:

Multiple credit reporting agencies and accounting firms signed contracts with the bureau in 2012 to gather, store and analyze mountains of data on Americans’ credit card transactions. One company, Argus Information and Advisory Services, was paid $2.9 million last year to perform such tasks, with a total payout of $15 million scheduled for 2017.

Experian, another information services group, was tasked with assembling a “nationally representative panel of credit information on consumers” from “a national database of credit files .” The contract states that the panel will include the contents of 5 million consumer accounts along with their credit scores, postal code, age and year of birth.

The panel will initially contain ten years’ worth of individual consumer information, will be updated quarterly and will periodically add new credit files from the CFPB’s growing national database. The contract is worth almost $8.5 million.

A final company, Deloitte Consulting, is being paid nearly $5 million to provide software and computer instruction related to the program.

Another document states that contractors “may be required by the CFPB to share credit card data collected from the Banks with additional government entities,” raising the prospect that personal financial information may be sent to one or more unspecified federal agencies.

“Who knows where else they’re sending [the data] to?” said Fitton. “There’s talk about tying it to mortgage data, so they might be sharing with the Federal Housing Finance Agency.”

The Experian contract says that the information is being collected “for use in a wide range of policy research projects,” echoing CFPB Director Richard Cordray’s April 23 contention that the data will be used only to help “inform policy decisions.”

Fitton, however, believes the program is not only wasteful but a threat to financial security. “This data can only be managed by hiring scores of contractors and outside government entities to analyze it,” he said. “When you widen the circle, you lessen security. It would not surprise me if in a year or two we hear about some contractor running off with this data.”

“The NSA stuff is almost a sideshow compared to the financial information that the government’s compiling,” he concluded.

The list of egregious abuses by this administration just keep piling up. I’ll say it again, this administration under the leadership of Barack Obama is nothing more than a thugocracy fashioned after the mafia. The level of support given this president suggest what is needed is a vast scrubbing of all departments and bureaus as well as the Congress.

The Democrat Party is the party run by radical extremists. The Democrat party is the party run by unscrupulous power hungry thugs! How could any American wish to be, in any way, associated with the Democrat Party?

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7 Responses to Obama Paid Big Bucks to Contractors to Snoop Into Your Financial Data

  1. Harold Ey says:

    “How could any American wish to be, in any way, associated with the Democrat Party?”….

    ….for the freebe’s!

    • Post Scripts says:

      2013 version of Kennedy’s famous speach: Ask not what you can do for your government, but what government can do for you! And they will be only to happy to do it, as long as other people’s money holds out.

  2. Harold Ey says:

    And why use Freebie’s?
    Democrats want to keep people at home and dependent on Government, as well as keeping voters uninformed
    of the real facts. Once a person gains some self respect and ambition they quickly learn that Democrats stifle progress and promote idleness. An informed voter is the biggest danger to the special interest liberals now in control of Washington. The faster the public learns the facts the quicker this country can return to prosperity and progress.

    • Post Scripts says:

      PS 51% of habitual voters are political idiots, unaware of issues, having no depth of comprehension on virtually everything they vote on. In most cases they cling to the belief that republicans are mean, rich people and they are standing up for the little guy! It’s highly likely that at least 40% of them will believe that until the day they die, because they are far left kooks. The other voters may be reachable on some level, but their indoctrination runs deep, and until a democrat caused crisis hits them square in the butt they’re not likely to figure it out.

      In California the crisis must not only collide with their posterior, but it must fall on their heads, then back up and drive over them a few times before they get it. This is how stupid the average voter is in California, especially from San Fransicko south. They are dunces….nada en la cabeza, los votantes de California son estúpidos. Los hablantes de español no son estúpidos, ellos son engañados para votar demócrata! Es el momento de wise up! Estos demócratas están robando su dinero ganado duro con altos impuestos. Comprendió?

  3. Just saying says:

    The folks who are getting the free stuff don’t like the folks who are paying for the free stuff, because the folks who are paying for the free stuff can no longer afford to pay for both the free stuff and their own stuff.
    And the folks who are paying for the free stuff want the free stuff to stop.
    And the folks who are getting the free stuff want even more free stuff on top of the free stuff they are already getting!
    Now… the people who are forcing the people who pay for the free stuff have told the people who are RECEIVING the free stuff that the people who are PAYING for the free stuff are being mean, prejudiced, and racist.
    So… the people who are GETTING the free stuff have been convinced they need to hate the people who are paying for the free stuff by the people who are forcing some people to pay for their free stuff and giving them the free stuff in the first place.
    We have let the free stuff giving go on for so long that there are now more people getting free stuff than paying for the free stuff.
    Now understand this. All great democracies have committed financial suicide somewhere between 200 and 250 years after being founded. The reason?
    The voters figured out they could vote themselves money from the treasury by electing people who promised to give them money from the treasury in exchange for electing them.
    The United States officially became a Republic in 1776, 236 years ago. The number of people now getting free stuff outnumbers the people paying for the free stuff. Failure to change that spells the end of the United States as we know it.


    A Nation of Sheep Breeds a Government of Wolves!

  4. Tina says:

    One small ray of hope.

    If we become Detroit and the government is forced to make real reforms the self-reliant will emerge and take flight and maybe some of those who were ignorant will wake up to the greatness of self determination through work, savings, investment and risk. A stretch, I know, but the prize, is a fully restored free republic. that’s worth my time and attention.

  5. Peggy says:

    Tina, We are living during the time described in “Atlas Shrugged” and “1984.”

    The country, heck the world, is becoming Detroit. It will have to completely devour itself from greed to be reborn again. And with NSA and the huge storage facility in Utah everything we say and do is being recorded and stored for possible future use against us.

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