Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

9/16/2013 (1 year ago)

Catholic Online (www.catholic.org)

Let's just accept that they're all spying on us. It gives them something to do.

The Consumer Financial Protection Bureau is supposed to watch over banks, lenders, and other financial institutions. So why are they so intent on watching you, the consumer? This is one of the questions that Congressional leaders would like to have answered, and that remains unanswered following a hearing by the House Financial Services Committee.

Richard Cordray CFPB Director is yet to explain why his agency is monitoring your credit card transactions.

Richard Cordray CFPB Director is yet to explain why his agency is monitoring your credit card transactions.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

9/16/2013 (1 year ago)

Published in Politics & Policy

Keywords: Consumer Financial Protection Bureau, CFPB, spying, agency, credit cards, monitoring, mortgages, investigation, hearing


WASHINGTON, DC (Catholic Online) - On Wednesday, the House Financial Services Committee, chaired by Rep. Jeb Hensarling (R-TX), asked questions of CFPB Director, Richard Cordray. Among the topics of discussion is why the CFPB is collecting transaction data on the vast majority of credit card transactions.

The CFPB has implemented a "markets monitoring" program, which is actually just an artfully named data collection scheme. The Washington Examiner cited the Census Bureau, saying there are 1.16 billion credit cards in use in 2012.

The CFPB has a stated goal of monitoring at least 80 percent of the transactions made with those cards. The agency also wants to monitor 95 percent of all mortgage transactions, according to the Washington Examiner.

The question is why they feel the need to monitor the individual habits of millions of consumers.

"This is one step closer to a Big Brother form of government where they know everything about us," said Rep. Sean Duffy, (R-WI).

According to CFPB Director, the Bureau monitors the transactions from 110 banks, including Morgan Chase, Bank of America, Capital One, Discover and American Express.

House representatives appear to be suggesting by their inquiries that the CFPB has exceeded its authority by collecting the data on consumers.

The CFPB was formed as part of the financial reforms following the 2008 recession, and was a key part of the Frank-Dodd act. However, the agency is supposed to examine the behavior of banks and ensure consumer protections. It remained unclear after the hearing why they were collecting the data.

Rep. Duffy challenged Cordray directly, asking "Why don't you just level with us?" According to Duffy, the CFPB is trying to collect information on a billion credit cards and how consumers use them.

Prior to 2013, the private monitoring of our behavior was thought to be within the realm of marketing. Americans were concerned that big businesses and marketing firms were collecting and processing our personal information with help from websites such as Facebook, to sell us targeted products.

Most Americans had issues with this level of intrusion, but ultimately chose to accept it as part of the cost of being engaged in social networks. Social network usage continues unabated.

However, this year Americans have become aware that their own government has a monitoring program that is far more comprehensive and capable than ever imagined. And they're learning that multiple agencies, with varying briefs, are also collecting data, sometimes as part of a concerted effort and at other times, independently.

None of these collection schemes sit well with Americans. Some schemes may violate the 4th Amendment.

Yet, Americans continue to use social networks, unencrypted email, credit cards, and other forms of communications and transaction that reveals their most intimate dealings to private third parties and the government.

A Congressional investigation of the CFPB is likely forthcoming.

Click to learn about our Saint Michael the Archangel conference this Nov 1-3!

---


Pope Francis: end world hunger through 'Prayer and Action'


Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for July 2015
Universal:
That political responsibility may be lived at all levels as a high form of charity.
Evangelization: That, amid social inequalities, Latin American Christians may bear witness to love for the poor and contribute to a more fraternal society.



Comments


More Politics & Policy

California lawmakers run to the aid of communities suffering the worst in drought Watch

Image of The new legislation focuses on obtaining federal funding to get costly water projects off the ground. Feinstein and Boxer's bill pinpoints 26 promising desalination projects in California.

By Catholic Online (NEWS CONSORTIUM)

As the record-breaking California drought stretches into its fifth year, lawmakers are passing legislation intended to help the communities hardest hit by water shortages. California Senators Dianne Feinstein and Barbara Boxer have both introduced emergency drought ... continue reading


Why two religious Republican presidential candidates weren't invited to a major Christian event Watch

Image of The reason is not as controversial as many speculated.

By Talia Ramos (NEWS CONSORTIUM)

Some were left puzzled as to why two Southern Baptist presidential candidates from the GOP were left out of a major Christian event; the reason was not as bad as some speculated. According to the official statement from the organizers of the event, the two candidates ... continue reading


Judge threatens to hold IRS chief John Koskinen in contempt for failing to turn over Lerner emails Watch

Image of IRS Commissioner John Koskinen was threatened with contempt charges by a federal judge this week.

By Catholic Online (NEWS CONSORTIUM)

IRS Commissioner John Koskinen was threatened with contempt charges by a federal judge this week. Koskinen failed to produce, by decree, newly recovered emails of former IRS official Lois Lerner. U.S. District Court Judge Emmet Sullivan had ordered the IRS at ... continue reading


Mitch McConnell says he will wipe out Obamacare with simple 51-vote majority Watch

Image of In the waning days of President Barack Obama's presidency, Senate Majority Leader Mitch McConnell (R-Ky.) is vowing to overthrow his signature legislation.

By Catholic Online (NEWS CONSORTIUM)

In the waning days of President Barack Obama's presidency, Senate Majority Leader Mitch McConnell (R-Ky.) is vowing to overthrow his signature legislation. Health care reform, better known as "Obamacare" has been a cause of disagreement with conservatives and ... continue reading


Moves made to oust John Boehner from Speaker of the House position Watch

Image of Rep. Mark Meadows [not pictured] declared his intention a day before the House was set to leave town for its five-week summer recess. Described as a rare procedural move, it's by far the most serious expression of opposition to Boehner's [pictured] speakership.

By Catholic Online (NEWS CONSORTIUM)

Many of his fellow conservatives and Republicans were taken by surprise when North Carolina Rep. Mark Meadows said he was trying to oust Speaker John Boehner. Many say it's a bad idea, coming just before August recess. Others say such a move could plunge the House of ... continue reading


Ivana Trump hotly denies that ex-husband Donald Trump ever raped her Watch

Image of Ivana Trump, the former wife of GOP presidential candidate Donald Trump has denied claims that he ever raped her.

By Catholic Online (NEWS CONSORTIUM)

Ivana Trump, the former wife of GOP presidential candidate Donald Trump has denied claims that he ever raped her. "I have recently read some comments attributed to me from nearly 30 years ago at a time of very high tension during my divorce from Donald. The story is ... continue reading


HILLARY LIED! Inspector General says personal emails contained classified information Watch

Image of Only allowed to review a sample of 40 out of the total of 30,000 emails from Hillary Clinton's private email server, four of those emails contained classified information.

By Catholic Online (NEWS CONSORTIUM)

Hillary Clinton's personal email account "contained classified information when they were generated," "remain classified today" and "should never have been transmitted via an unclassified personal system." Those are the findings of the U.S. Intelligence ... continue reading


GLOVES ARE OFF: Donald Trump denounces Bush, Walker and Clinton as being beholden to donors Watch

Image of Speaking east of Des Moines, Donald Trump was most concise in his attack upon Walker. Criticizing the Wisconsin governor's handling of his state's economy, Trump accused him of

By Catholic Online (NEWS CONSORTIUM)

At a "free-wheeling" press conference, GOP Presidential candidate Donald Trump says he is putting no cap into the money he is going to pour into his campaign. A self-made billionaire in real estate, Trump denounced Republican candidates Jeb Bush and Scott ... continue reading


Nuns vs. Obama: Obama Administration refuses to exempt Little Sisters of the Poor from regulation forcing them to distribute birth control Watch

Image of

By Nikky Andres (NEWS CONSORTIUM)

The national debate over the Affordable Care Act is heating up. A Romantic Catholic group of nuns, who manage a nursing home around the world called the Little Sisters of the Poor, continue their fight against the law's debatable contraceptive mandate. MUNTINLUPA, ... continue reading


Millions upon Millions of United Kingdom aid money funneled to the Clintons Watch

Image of The Clinton Health Access Initiative spends its funds on improving the treatment of HIV/AIDS, malaria and tuberculosis in the developing world, such as in Africa and Southeast Asia.

By Catholic Online (NEWS CONSORTIUM)

Influential people, falling sway to a former United States president - and his wife, with eyes on the White House, it was learned that tens of millions of pounds of United Kingdom aid money has been siphoned through charities linked to Hillary Clinton. LOS ... continue reading


All Politics & Policy News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Leviticus 23:1, 4-11, 15-16, 27, 34-37
1 Yahweh spoke to Moses and said:4 "These ... Read More

Psalm, Psalms 81:3-4, 5-6, 10-11
3 blow the trumpet for the new month, for the full ... Read More

Gospel, Matthew 13:54-58
54 and, coming to his home town, he taught the people ... Read More

Saint of the Day

Saint of the Day for July 31st, 2015 Image

St. Ignatius Loyola
July 31: St. Ignatius was born in the family castle in Guip˙zcoa, Spain, ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter