Earlier this week I posted an article linking to a story about the Consumer Financial Protection Bureau (CFPB) and their expanded monitoring of bankruptcy data and transactions. In a new article the Washington Examiner provides additional details on the CPFB’s massive credit/debit card transaction data mining efforts.
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.
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.
I’m sure that on several occasions you’ve had a laugh with someone joking about how the government just monitored your last purchase (usually when you are buying something out of the ordinary). Well I suppose most of us kind of new in the back of our heads that it probably wasn’t just a joke. Given recent accountings of massive privacy intrusions by the NSA, FBI, and pretty much every agency from the alphabet soup list no ones laughing any more. The article continued.
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.
That short list of banks right there covers most Americans. I’m not sure what to think about Visa and MasterCard not being on that list. Nevertheless, one would hope that Representative Hensarling’s constituents see fit to terminate his employment.
An update to: Consumer Financial Protection Bureau all up in your data