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?