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We supervise banks, credit unions, and other financial companies, and we enforce federal consumer financial laws.
Write rules, supervise companies, and enforce federal consumer financial protection laws
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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 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 Dodd-Frank Act, which established CFPB, bars the bureau from collecting personally identifiable financial information on consumers and prohibits it from regulating practicing attorneys.
Bachus said CFPB may also have violated the Fourth Amendment, which entitles Americans to be free from government interference or intrusion in dealing with their legal representation.
reply to post by xuenchen
The criminal pushing for this is the same guy Obama appointed illegally trying to say it was a recess appointment as well. So what do "they do" put him in legally! Then he has the balls to say this is "nothing like the NSA spying on the American people!"!
Washington DC needs an enema and fast!
here's one big reason the CFRB is doing this:
here's another reason:
oh, and here's a noteworthy tidbit on how the republicans are looking out for consumers:
I know this is a stretch for some of you...but the CFRB might be trying to find out how the companies are screwing consumers and they need more than heresay and testimonials.