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.
In addition, CFPB officials hope to monitor up to 95 percent of all mortgage transactions, according to the documents.
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 U.S. Census Bureau reports that 1.16 billion consumer credit cards were in use in 2012 for an estimated 52.6 billion transactions. If CFPB officials reach their stated “performance goal,” they would collect data on 42 billion transactions made with 933 million credit cards used by American consumers
I can understand the nanny state wanting to make sure you aren’t taken advantage of, but monitoring out credit card transactions and mortgages? Really? This sounds more like they want to see what we’re buying.
Don’t use plastic to buy guns and ammo! I can see it now. “Mr. Smith, my name is Special Agent Taikurstuf. We have records showing that you used your Visa card to buy an AR15. We also show that a couple days later you bought $300 worth of ammo. Why?”
Feel good about that? I don’t.