QUOTE While the National Security Agency’s (NSA) unconstitutional spying on Americans’ communications has been getting most of the press lately, another federal agency has been quietly — and illegally — vacuuming up Americans’ financial data: the Consumer Financial Protection Bureau (CFPB). Created by the 2010 Dodd-Frank Act, the CFPB has been operating for just under two years but has already managed to exceed its statutory authority, issuing demands for “huge quantities of data regarding individual consumers’ financial transactions on an ongoing, real-time basis,” according to a June 19 letter to CFPB director Richard Cordray from David Hirschmann of the U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness. Bloomberg reported in April: Bureau researchers are assembling data from across the financial landscape, according to a review of government records. Credit-card information from nine banks will be stored and analyzed by Argus Information & Advisory Services LLC, a White Plains, New York-based consultancy that won a $15 million contract for the work, procurement documents show… UNQUOTE Read the rest at Spread Liberty News, here.
Posted on: Tue, 02 Jul 2013 07:03:23 +0000
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