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Consumer Financial Protection Bureau: NSA of the Financial World
While the National Security Agencyâ€™s (NSA) unconstitutional spying on Americansâ€™ communications has been getting most of the press lately, another federal agency has been quietly â€” and illegally â€” vacuuming up Americansâ€™ financial data: the Consumer Financial Protection Bureau (CFPB).
Created by the 2010 Dodd-Frank Act, the CFPB has been operating for just under two years but has already managed to exceed its statutory authority, issuing demands for â€śhuge quantities of data regarding individual consumersâ€™ financial transactions on an ongoing, real-time basis,â€ť according to a June 19 letter to CFPB director Richard Cordray from David Hirschmann of the U.S. Chamber of Commerceâ€™s Center for Capital Markets Competitiveness....