FOIA documents show CFPB conducting “Warrantless Surveillance” on 5 million Americans’ financial transactions
- The same Consumer Financial Protection Bureau (CFPB) Obama established on behalf of Commie Elizabeth Warren.
Judicial Watch announced that it has obtained records from the Consumer Financial Protection Bureau (CFPB) revealing that the agency has spent millions of dollars for the warrantless collection and analysis of Americans’ financial transactions. The documents also reveal that CFPB contractors may be required to share the information with “additional government entities.” [...]
The full extent of the CFPB personal financial data collection program is revealed in a document obtained by Judicial Watch entitled “INDEFINITE-DELIVERY INDEFINITY-QUANTITY (IDIQ) STATEMENT OF WORK,” reports Judicial Watch.
Issued by CFPB Contracting Officer Xiaoling Ang on July 3, 2012 the IDIQ document’s stated objective: “The CFPB seeks to acquire and maintain a nationally representative panel of credit information on consumers for use in a wide range of policy research projects… The panel shall be a random sample of consumer credit files obtains from a national database of credit files.”
To accomplish this objective, the CFPB describes the scope of the program accordingly:
The panel shall include 5 million consumers, and joint borrowers, co-signers, and authorized users [emphasis added]. The initial panel shall contain 10 years of historical data on a quarterly basis [emphasis added]. The initial sample shall be drawn from current records and historical data appended for that sample as well as additional samples during the intervening years [emphasis added] to make the combines sample representative at each point in time.
The CFPB data collection program has been highly controversial since the April 2013 hearing, when Cordray disclosed elements of the venture at a Senate Banking Committee hearing. At the time, the US Chamber of Commerce accused the CFPB of breaking the law by demanding the account-level data without a warrant or National Security Letter.
“The Obama administration’s warrantless collection of the private financial information of millions of Americans is mind-blowing. Is there anything that this administration thinks it can’t do?” said Judicial Watch President Tom Fitton. “These documents show that the Consumer Financial Protection Board is an out-of-control government agency that threatens the fundamental privacy and financial security of Americans. This is every bit as serious as the controversy over the NSA’s activities.”