As if the Obama administration wasn’t already awash in scandals, it was revealed Thursday that millions of dollars have been spent for the warrantless collection and analysis of our financial transactions.
Information obtained pursuant to a Freedom of Information Act request by Judicial Watch shows that the Consumer Financial Protection Bureau has “overlapping contracts with multiple credit reporting agencies and accounting firms to gather, store, and share credit card data.”
According to Judiciary Watch, one of the contracts stipulates that the agencies “may obtain access to non-public, confidential information,” and that they “may be required to share credit card data collected from the Banks with additional government entities.”
Another provides that the contractor is to “track daily consumer habits of select individuals without their awareness or consent.”
“The Obama administration’s warrantless collection of the private financial information of millions of Americans is mind-blowing. Is there anything that this administration thinks it can’t do?” said Judicial Watch President Tom Fitton.
The programs stated objective, according to a document retrieved by Judiciary Watch:
The CFPB seeks to acquire and maintain a nationally representative panel of credit information on consumers for use in a wide range of policy research projects… The panel shall be a random sample of consumer credit files obtains from a national database of credit files.
The scope of the program, as described by CFPB, “shall include 5 million consumers, and joint borrowers, co-signers, and authorized users,” and that “the initial panel shall contain 10 years of historical data on a quarterly basis.”
“These documents show that the Consumer Financial Protection Board is an out-of-control government agency that threatens the fundamental privacy and financial security of Americans,” Fitton added. “This is every bit as serious as the controversy over the NSA’s activities.”
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