by Debra Heine
Well, we almost made it through a whole week without a new Obama Regime scandal, but the good folks at Judicial Watch never rest, and they announced today that they've obtained records from the Consumer Financial Protection Bureau (CFPB) exposing that millions of dollars have been spent by the agency on the warrantless collection and analysis of Americans’ financial transactions
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.” According to 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.