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WyBlog, the best thing about New Jersey since the invention of the 24 hour diner.
Chris Wysocki
Caldwell, NJ
The nine most terrifying words in the English language are "I'm from the government and I'm here to help." - Ronald Reagan
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Monday, 22 April 2013
Obama's Consumer Financial Protection Bureau is tracking our credit card transactions
For a government agency that's supposed to protect consumers, it sure seems like we're gonna need some protecting from them. The autocrats at Obama's CFPB are busy vacuuming up the details of your credit card transactions, checks you write, loans you apply for, and mortgage payments you make. All to "study" how Americans use credit. Uh, huh.
The new U.S. consumer finance watchdog is gearing up to monitor how millions of Americans use credit cards, take out mortgages and overdraw their checking accounts. Their bankers aren't happy about it.
The Consumer Financial Protection Bureau is demanding records from the banks and is buying anonymous information about at least 10 million consumers from companies including Experian.
While the goal is to sharpen enforcement and rule-making, banking executives have questioned why the bureau is collecting so much without being more specific about the benefits.
Trust your government! They always have your best interests at heart. Really.
Sendhil Mullainathan, the consumer bureau's assistant director for research, said the agency is committed to protecting the privacy of consumer information and doesn't collect personally identifiable data such as Social Security numbers. He described himself as "very sympathetic" to the reaction some consumers might have to massive data repositories.
"I understand that people don't want firms doing it, so why would you want the government doing it?" he said. "It seems invasive."
Why is the government doing it? Because Shut Up, that's why.
Cordray has said the bureau hopes to publish its data to promote research outside the agency.
"To the extent the public can help us do our work, that's a good thing," he said in July. "If it helps us to have this information, I'm assuming it would help the public as well."
Oh, so not only are they collecting it, they're making the intimate details of your financial life available to anyone with a PC and an internet connection! I'll bet the guys doing "research" into identity theft can't wait to "help the public," right?
Together with the Federal Housing Finance Agency, the consumer bureau is also building a mortgage database that will integrate consumer credit information with loan and property records.
Here's a newsflash. They can't "integrate" those databases without your personally identifiable information. So much for their illusion of privacy. It's a charade, designed to fool low-information voters.
Big Brother knows where you live. He knows what you buy. He knows how much money you make, and what debts you have. Big Brother Richard Cordray knows all. And you can be absolutely certain that the urge to mine that data for "your own good" will be too strong to resist.
What could go wrong?
Posted at 09:37 by Chris Wysocki
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