Obama CFPB Credit Watchdog Snoops, Shares Personal Financial Data – Investors.com.
Big Brother is watching you — in even more ways than previously known. It turns out the National Security Agency and Internal Revenue Service aren’t the only federal agencies gathering sensitive information about you.
The Consumer Financial Protection Bureau, created by the Dodd-Frank financial reform, is collecting reams of data on your bill-paying and spending habits.
In fact, the Obama administration is compiling a massive database of personal information, including monthly credit card, mortgage, car and other payments.
The data will be warehoused by private contractors and shared with other federal agencies and Congress, as well as researchers in the field.
Democrats on the House banking panel have already requested auto lending industry data that the CFPB is collecting as part of anti-discrimination probes.
I’m sorry, whatever this information ends up getting used for, even if it’s discrimination, it’s not worth the cost. There are other ways to address these issues without invading the financial lives of every in the United States with a bank account or credit card.
