“A just-released inspector general report found that the Consumer Financial Protection Bureau, is conducting a massive consumer data-mining operation without the security safeguards to protect the sensitive data from cyberattacks.” Rep. Mia Love, R-Utah
10/13/2015 05:25 PM
Privacy: The most powerful unaccountable agency in Washington is mining and amassing all your personal financial data. While that’s bad enough, it also isn’t adequately protecting them from hackers and identity thieves.A just-released inspector general report found that the Consumer Financial Protection Bureau, is conducting a massive consumer data-mining operation without the security safeguards to protect the sensitive data from cyberattacks.
The CFPB is collecting and stockpiling more than 600 million credit card accounts, along with personal data from millions of mortgage loans, but “has not yet fully implemented a number of privacy control steps and information security practices,” warned CFPB Inspector General Mark Bialek in a 10-page memo to CFPB Director Richard Cordray.
More alarming, the agency is sharing the massive databases with outside contractors and storing sensitive private information on unsecured clouds, making the data extra vulnerable to cyberattacks “from outside governments and organized groups.”
American consumers have no idea that the government is doing this. They’re not being alerted about the sharing of data from their private financial accounts, and they’re not being given the right to opt out of the government programs to gather and retain their most sensitive personal information.
The Big Brother operation is being done surreptitiously, with the reluctant cooperation of banks. It’s an unprecedented invasion of privacy, even for the feds — and the Obama administration has no good answers for why it’s amassing this information on private citizens.
In a recent House banking committee hearing, Rep. Mia Love, R-Utah, tried to get answers from Cordray, who explained, unconvincingly, “I’m just looking at overall patterns in the market.”
Read More At Investor’s Business Daily: https://news.investors.com/ibd-editorials/101315-775415-ig-warns-cfpb-not-protecting-millions-credit-card-accounts-from-hackers.htm#ixzz3p7Gh92F8
