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Officials at the Consumer Financial Protection Bureau are conducting a massive, NSA-esque data-mining project collecting account information on an estimated 991 million American credit card accounts.
It was also learned at a Congressional hearing Tuesday that CFPB officials are working with the Federal Housing Finance Agency on a second data-mining effort, this one focused on the 53 million residential mortgages taken out by Americans since 1998.
The mortgage information is being compiled in a database that can be "reversed engineered" by hackers seeking information for identify theft, according to an expert cited during the hearing.
The revelations came in a hearing of the House Financial Services Committee, during which CFPB Director Richard Cordray was repeatedly pressed about federal officials rummaging around in the private financial affairs of millions of Americans.
"We're collecting aggregated information," Cordray told the committee while defending the bureau's data-mining efforts.
"Can you, Mr. Cordray, personally guarantee that the consumer information is 100 percent secure?" asked Rep. Randy Neugebauer, R-Texas. Cordray said he could not, but added that the bureau "attemptto safeguard any information we have about the American public."
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Congress' powers to oversee the CFPB are limited. The federal Dodd-Frank Act that created the bureau requires that the Senate confirm its directors, such as Cordray, and that the director testify before Congress twice a year, but Congress' authority stops there. The bureau is part of the Federal Reserve, for which Congress similarly confirms top officers but has no direct oversight. Cordray's nomination to the CFPB director's post was confirmed by the Senate last year.
According to Steven Antonakes, the bureau's deputy director, CFPB's program mines credit card accounts maintained by 18 of the largest card issuers in the United States.
CFPB has signed a four-year, $2.9 million contract with Argus Information and Advisory Services to obtain credit card data from nine of the issuers, according to documents made available by the committee.
The contract is to end March 2017, according to USAspending.gov, a government database that tracks federal spending.
A memorandum of understanding signed with the Office of the Comptroller of the Currency permits Argus to obtain data from nine other credit card issuers.
In previous testimony before Rep. Jeb Hensarling's panel, Antonakes said the combined data represents approximately 85-90 percent of outstanding card balances.
The Argus contract specifies that the company must collect 96 data points from each of the participating card issuers for each credit card account on a monthly basis.
The 96 data points include a unique card-account identification reference number, ZIP code, monthly ending balance, borrowers income, FICO score, credit limit, monthly payment amount, and days past due.
"Would you object to getting permission from consumers, those people who you work for, before you collect and monitor their information?" Rep. Sean Duffy, R-Wis., asked Cordray.
"That would make it impossible to get the data," Cordray replied.
"You can't even opt out," Duffy said. "The NSA does not ask Americans' permission to collect their phone records and emails and texts. The CFPB does not ask permission to collect information on America's financial consumers."
A committee aide estimated that over the life of the Argus contract, the company will collect about 51 terabytes of data, or the equivalent of all the text in all the books in 50 large libraries.
Neugebauer pressed Cordray on the possibility of reverse-engineering of the mortgage database. "Can this data be reverse-engineered?" he asked.
"We're concerned about making sure that does not happen as much as possible," Cordray answered. "I don't need that headache."
George Orwell is turning over in his grave.
Officials at the Consumer Financial Protection Bureau are conducting a massive, NSA-esque data-mining project collecting account information on an estimated 991 million American credit card accounts.
It was also learned at a Congressional hearing Tuesday that CFPB officials are working with the Federal Housing Finance Agency on a second data-mining effort, this one focused on the 53 million residential mortgages taken out by Americans since 1998.
The mortgage information is being compiled in a database that can be "reversed engineered" by hackers seeking information for identify theft, according to an expert cited during the hearing.
The revelations came in a hearing of the House Financial Services Committee, during which CFPB Director Richard Cordray was repeatedly pressed about federal officials rummaging around in the private financial affairs of millions of Americans.
"We're collecting aggregated information," Cordray told the committee while defending the bureau's data-mining efforts.
"Can you, Mr. Cordray, personally guarantee that the consumer information is 100 percent secure?" asked Rep. Randy Neugebauer, R-Texas. Cordray said he could not, but added that the bureau "attemptto safeguard any information we have about the American public."
.
.
.
Congress' powers to oversee the CFPB are limited. The federal Dodd-Frank Act that created the bureau requires that the Senate confirm its directors, such as Cordray, and that the director testify before Congress twice a year, but Congress' authority stops there. The bureau is part of the Federal Reserve, for which Congress similarly confirms top officers but has no direct oversight. Cordray's nomination to the CFPB director's post was confirmed by the Senate last year.
According to Steven Antonakes, the bureau's deputy director, CFPB's program mines credit card accounts maintained by 18 of the largest card issuers in the United States.
CFPB has signed a four-year, $2.9 million contract with Argus Information and Advisory Services to obtain credit card data from nine of the issuers, according to documents made available by the committee.
The contract is to end March 2017, according to USAspending.gov, a government database that tracks federal spending.
A memorandum of understanding signed with the Office of the Comptroller of the Currency permits Argus to obtain data from nine other credit card issuers.
In previous testimony before Rep. Jeb Hensarling's panel, Antonakes said the combined data represents approximately 85-90 percent of outstanding card balances.
The Argus contract specifies that the company must collect 96 data points from each of the participating card issuers for each credit card account on a monthly basis.
The 96 data points include a unique card-account identification reference number, ZIP code, monthly ending balance, borrowers income, FICO score, credit limit, monthly payment amount, and days past due.
"Would you object to getting permission from consumers, those people who you work for, before you collect and monitor their information?" Rep. Sean Duffy, R-Wis., asked Cordray.
"That would make it impossible to get the data," Cordray replied.
"You can't even opt out," Duffy said. "The NSA does not ask Americans' permission to collect their phone records and emails and texts. The CFPB does not ask permission to collect information on America's financial consumers."
A committee aide estimated that over the life of the Argus contract, the company will collect about 51 terabytes of data, or the equivalent of all the text in all the books in 50 large libraries.
Neugebauer pressed Cordray on the possibility of reverse-engineering of the mortgage database. "Can this data be reverse-engineered?" he asked.
"We're concerned about making sure that does not happen as much as possible," Cordray answered. "I don't need that headache."Federal consumer bureau data-mining hundreds of millions of consumer credit card accounts, mortgages | WashingtonExaminer.com
What is left? Other than to spy on our bedroom activity.
Almost the things our country were founded on gone up in smoke.
was it asked what they are using the info for?
What is left? Other than to spy on our bedroom activity.
Almost the things our country were founded on gone up in smoke.
was it asked what they are using the info for?
Last paragraph in the article: "Garrett cited Thomas Stratmann, a George Mason University law school professor, who said CFPB officials need sample no more than 1.4 million credit card accounts from card issuers in order to provide useful information about card holders' market behavior."
I smell bullshit.
me tooWhat is left? Other than to spy on our bedroom activity.
Almost the things our country were founded on gone up in smoke.
was it asked what they are using the info for?
Last paragraph in the article: "Garrett cited Thomas Stratmann, a George Mason University law school professor, who said CFPB officials need sample no more than 1.4 million credit card accounts from card issuers in order to provide useful information about card holders' market behavior."
I smell bullshit.
What is left? Other than to spy on our bedroom activity.
Almost the things our country were founded on gone up in smoke.
was it asked what they are using the info for?
Last paragraph in the article: "Garrett cited Thomas Stratmann, a George Mason University law school professor, who said CFPB officials need sample no more than 1.4 million credit card accounts from card issuers in order to provide useful information about card holders' market behavior."
I smell bullshit.
I smell skullduggery as well. I smell manipulation and invasion of privacy.
WHY is Obama and His FED manipulating Wall Street ? For WHAT purpose? Nice attempt at a dodge. NOT.Last paragraph in the article: "Garrett cited Thomas Stratmann, a George Mason University law school professor, who said CFPB officials need sample no more than 1.4 million credit card accounts from card issuers in order to provide useful information about card holders' market behavior."
I smell bullshit.
I smell skullduggery as well. I smell manipulation and invasion of privacy.
I smell the usual manipulation of rubes by Wall Street to get them to oppose any program which will expose their fraudulent behaviors.
