Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

9/16/2013 (7 months 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.

Article Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

9/16/2013 (7 months 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'


© 2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for April 2014
Ecology and Justice:
That governments may foster the protection of creation and the just distribution of natural resources.
Hope for the Sick: That the Risen Lord may fill with hope the hearts of those who are being tested by pain and sickness.



Comments


More Politics & Policy

Supreme Court rules affirmative action in Michigan's college admissions is unconstitutional Watch

Image of The ruling focused on a voter-passed proposal that banned the use of race in admissions decisions at public universities.

By Catholic Online (NEWS CONSORTIUM)

Hailed as a milestone in a decades-long discourse, the Supreme Court has upheld a ban on the use of race in admission decisions at Michigan's public universities. Marked by protests in the streets of Ann Arbor and previous Supreme Court rulings, it was noted ... continue reading


Is affrimative action dead? SCOTUS rules on who can decide the issue Watch

Image of A ruling by the Supreme Court allows states to decide on whether they use a race-conscious policy in admitting students to advanced public education.

By Catholic Online (NEWS CONSORTIUM)

The Supreme Court struck a blow against those seeking to trample on the rights of states, upholding a Michigan voter initiative which banned racial preferences when considering admission into one of the states' public universities, on April 22. LOS ANGELES, CA ... continue reading


Exxon Mobil must pay the piper: High court rejects appeal on $105 million verdict Watch

Image of MTBE is an oxygen-containing substance that is added to gasoline to promote more complete combustion and reduce air pollution.

By Catholic Online (NEWS CONSORTIUM)

They were found guilty way back in 2009 and now must pay for their transgressions. The U.S. Supreme Court has declined to overturn a $105 million verdict against Exxon Mobil for contaminating drinking wells in the New York City borough of Queens. LOS ANGELES, CA ... continue reading


He just keeps coming and coming! Highest - and longest period of taxation proposed by President Obama Watch

Image of Under Obama's budget proposal, according to the CBO, the budget will never balance.

By Catholic Online (NEWS CONSORTIUM)

President Barack Obama called for what would be the highest level of sustained taxation ever imposed on the American people. According to the analysis published last week by the Congressional Budget Office, the plan was included in the budget proposal Obama ... continue reading


A new Civil War? Lawmakers meet to discuss taking back federal lands for the states Watch

Image of Lawmakers met in Salt Lake City to discuss how the federal government has been using lands in the Western states.

By Catholic Online (NEWS CONSORTIUM)

Lawmakers from the Western states gathered in Salt lake City last Friday to discuss what happened on the Bundy ranch in Nevada and to say that it is time for the states, not the federal government, to manage those resources for the good of their people. LOS ANGELES, CA ... continue reading


INCOME TAXES? 'If it reaches a certain point, perhaps you should revolt,' Justice Scalia tells students Watch

Image of Justice Scalia told the students that the justices do not give credence to partisan politics, and that he doesn't care which party controls the White House. He stands by a theory of

By Catholic Online (NEWS CONSORTIUM)

It came as a most bit of unorthodox advice, from a lawmaker to an audience of impressionable minds. While speaking at the University Of Tennessee College Of Law last week, Supreme Court Justice Antonin Scalia was asked by a student about his interpretation of ... continue reading


DECLARED INVALID: North Dakota abortion ban overturned by federal judge Watch

Image of North Dakota has passed new abortion restrictions in recent years. Abortion supporters have declared North Dakota's fetal heartbeat law as the most restrictive in the country.

By Catholic Online (NEWS CONSORTIUM)

A North Dakota law banning abortions when a fetal heartbeat can be detected, as early as six weeks into pregnancy, has been overturned by a federal judge. The law is "invalid and unconstitutional," according to U.S. District Judge Daniel Hovland, who declared ... continue reading


Evidence of corruption: Newly disclosed emails show Lois Lerner WAS in contact with the DOJ over conservative political groups Watch

Image of The truth is, only I am allowed to lie and dodge questions, not private citizens or their political groups.

By Catholic Online (NEWS CONSORTIUM)

The Lois Lerner - Eric Holder scandal has hit the fan with the court ordered release of documents which implicate both in breaking the law to persecute and potentially prosecute conservative non-profit organizations. This issue has been the subject of Congressional ... continue reading


Cliven Bundy is a scofflaw, so why are so many people supporting him? Watch

Image of We want these things respected. Our Faith, our Rights, our Liberty. That's why we stand against federal corruption and evil. This is not negotiable.

By Catholic Online (NEWS CONSORTIUM)

Despite the drama which recently unfolded on the Bundy ranch in Nevada, the federal government apparently has a history of using heavy-handed tactics to enforce their will on rural farmers. This is part of the reason why so many people are sympathetic to Bundy, despite ... continue reading


WSJ exposes secret tax Obama has imposed on EVERY HOUSEHOLD in America - and yes, you have to pay! Watch

Image of Government regulation is a stealth tax on the economy costing $1.9 trillion annually.

By Catholic Online (NEWS CONSORTIUM)

The Wall Street Journal has exposed one of the greatest problems of the Obama administration and how its behavior is hurting the economy. While most would be quick to cry corruption, the reality is far more mundane and at least as dangerous. LOS ANGELES, CA (Catholic ... 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, Acts 3:1-10
1 Once, when Peter and John were going up to the ... Read More

Psalm, Psalms 105:1-2, 3-4, 6-7, 8-9
1 Alleluia! Give thanks to Yahweh, call on his name, ... Read More

Gospel, Luke 24:13-35
13 Now that very same day, two of them were on their ... Read More

Saint of the Day

Saint of the Day for April 23rd, 2014 Image

St. George
April 23: Pictures of St. George usually show him killing a dragon to ... 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