Friday, September 13, 2013

Every transaction, every location: tracked

By Richard Pollock


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.

The CFPB strategic plan shows that in 2012, the bureau was able to gain access to 77 percent of all credit cards and hoped to increase that to 80 percent in 2013. By 2014, the agency also hopes to monitor up to 95 percent of all mortgage transactions.

“This is one step closer to a Big Brother form of government where they know everything about us,”



http://washingtonexaminer.com/cfpbs-data-mining-on-consumer-credit-cards-challenged-in-heated-house-hearing/article/2535726

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