Scope of CFPB's Data Collection Program
According to CFPB’s Strategic Plan for FY 2013-17, the agency aims to monitor 95% of all credit card account information by FY 2016. The Bureau, in conjunction with other banking regulators, currently tracks over 540 credit card records every month as of March 2014. This means the CFPB has amassed well over 7 billion credit card account data from American consumers in the past year. This massive data collection and monitoring raises many questions about the motives of the CFPB, and security of consumer’s personal information.
Remarkably, Section 1022 (c)(4)(C) of the Dodd-Frank Act bars the Bureau from collecting data “for purposes of gathering or analyzing the personally identifiable financial information of consumers.”
The Numbers Behind The Program:
12: Large-scale data mining programs
110: Financial institutions providing consumer data to the CFPB
7,000,000,000+: Number of credit card records collected since early 2014.
Source: Government Accountability Office