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CFPB Seeks To Monitor Credit Card Transactions


September 16, 2013

Officials at the Consumer Financial Protection Bureau (CFPB) are seeking to monitor 80 percent of all U.S. consumer credit card transactions this year through a controversial data-mining program, Washington Examiner reports. A CFPB planning document for fiscal years 2013-17 indicates plans for a “markets monitoring” program as well as plans to monitor up to 95 percent of mortgage transactions. “This is one step closer to a Big Brother form of government where they know everything about us,” said Rep. Sean Duffy (R-WI) at a hearing on the matter last week where critics asserted the agency’s plans are beyond its authority.
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