JUNE 8, 2016
GOT A CREDIT CARD OR A MORTGAGE? THEN CFPB KNOWS ALL ABOUT YOU: Officials at the Consumer Financial Protection Bureau – the hybrid financial regulatory agency President Obama and a Democratic Congress created in 2010 – are accumulating what may well be the world’s largest database of information on American consumers. And CFPB’s bureaucrats refuse to tell Congress how or why they are doing so, or what specifically they intend to do with the data.
Now, the House Committee on Science, Space and Technology, chaired by Texas Republican Lamar Smith, has asked Mark Bialek, the Federal Reserve’s Inspector General, to disclose everything it knows about the CFPB data collection operation. Bialek is involved because Obama and the Capitol Hill Democrats put CFPB in the Federal Reserve, which essentially puts the bureau beyond congressional oversight.
What is known, according to the Daily Caller News Foundation Investigative Group’s Richard Pollock, is the database is being created “by pulling private consumer records from 7,062 financial institutions and 300 credit card issuers without the permission of the record holders. The bureau has rebuffed previous congressional queries about its big data program and the measures it has taken to protect the security of millions of records and the privacy of the people covered by the records.”
In other words, not only are these unaccountable bureaucrats collecting the intimate financial data about hundreds of millions of Americans, they won’t say how they are protecting the information from hackers. Let’s just hope they aren’t consulting colleagues elsewhere in the federal bureaucracy such as the Office of Personnel Management.