Big Brother is Watching... Your Bank AccountPosted by on July 08, 2013
At a time when Washington is awash in scandals over mass surveillance and political targeting, the CFPB is amassing tens of millions of your private financial records and consumer data. According to Investors Business Daily, the "massive database of personal information" includes "monthly credit card, mortgage, car and other payments," giving the bureau a snapshot of your bill-paying and spending habits.
Unfortunately, this questionable seizure of private financial data is only half the story. Not only is the CFPB needlessly invading Americans' privacy, their actions could be putting you at greater risk of identity theft or other financial crimes. In a letter to the bureau, the U.S. Chamber of Commerce echoed the concerns of the CFPB's own inspector general who expressed "weaknesses" in the bureau's security program -- a concern also raised in separate GAO report.
On Tuesday the Financial Institutions and Consumer Credit Subcommittee will have the opportunity to raise these concerns with the CFPB's Acting Deputy Director, Steven Antonakes.