The CFPB hopes to monitor 80% of all credit card transactions

  Apparently the Federal government is not satisfied with data-mining and storing the emails, telephone calls, and internet browsing history of virtually all Americans, and apparently the Federal Government is not satisfied with the prospect of gaining access to all of our healthcare records because during a hearing in front of the House Financial Services Committee the CFPB is hoping to monitor 80% of all credit card transactions.

Consumer Financial Protection Bureau officials are seeking to monitor four out of every five U.S. consumer credit card transactions this year — up to 42 billion transactions – through a controversial data-mining program, according to documents obtained by the Washington Examiner.

A CFPB strategic planning document for fiscal years 2013-17 describes the “markets monitoring” program through which officials aim to monitor 80 percent of all credit card transactions in 2013.

  The agency, created by the Dodd-Frank Act, is defending this policy by claiming they are monitoring the banks and not the people, but I find that logic to be suspect to say the least.

  This data-mining could allow the Federal Government to monitor who is using credit cards, how often they are using credit cards, how much they spend, and theoretically, what people are buying with credit cards if the government so desires.

  Do you think that I am overreacting to the potential for abuse here? If so you may want to talk to Eliot Spitzer for he was busted for screwing high priced hookers due to the PATRIOT Act, clearly this was not a matter of national security, or you might want to read about the NSA employees who were using that agency’s data-mining program to spy on their lovers and spouses.