CFPB Data Mining Plan Alarms the Politicians
NEW YORK (LowCards.com) -- The Consumer Financial Protection Bureau is thinking of taking a new approach to "financial protection" by monitoring 80% of all credit card transactions in the United States. This would be done through a controversial data mining program that would evaluate up to 42 billion transactions in a single year.
The data mining program would be linked to 110 banks, including Chase (JPM), Capital One (COF), Bank of America (BAC), Discover (DFS) and American Express (AXP). In addition, the proposed program would assess up to 95% of mortgage loan transactions.
Members of the House are strongly against the plan, which was discussed in a heated House hearing Sept. 12. Republican Sean Duffy of Wisconsin said, "This is one step closer to a Big Brother form of government where they know everything about us."
According to U.S. Rep. Spencer Bachus, a former member of the House Financial Services Committee, a data mining program such as this would go against the Dodd-Frank Act, which prevents the government from collecting personally identifiable financial information about consumers.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV