Jul 022013
 
 July 2, 2013  Govt

I missed this one last week:

Judicial Watch announced today that it has obtained records from the Consumer Financial Protection Bureau (CFPB) revealing that the agency has spent millions of dollars for the warrantless collection and analysis of Americans’ financial transactions. The documents also reveal that CFPB contractors may be required to share the information with “additional government entities.”

The records were obtained pursuant to a Freedom of Information Act (FOIA) request filed on April 24, 2013, following the April 23 Senate Banking Committee testimony of CFPB Director Richard Cordray. The documents uncovered by Judicial Watch include:

  • Overlapping contracts with multiple credit reporting agencies and accounting firms to gather, store, and share credit card data as shown in the task list of a contract with Argus Information & Advisory Services LLC worth $2.9 million
  • Deloitte Consulting: solicitation issue date 11/30/2011, award effective date 05/29/2012;
    • Deloitte Consulting: solicitation issue date 11/30/2011, award effective date 05/29/2012;
    • Argus: solicitation issue date 02/14/2012, award effective date 03/15/2012;
    • Experian: solicitation issue date 07/03/2012, award effective date 09/24/2012
  • A provision stipulating that “The contractor recognizes that, in performing this requirement, the Contractor may obtain access to non-public, confidential information, Personally Identifiable Information (PII), or proprietary information.”
  • A stipulation that “The Contractor may be required to share credit card data collected from the Banks with additional government entities as directed by the Contracting Officer’s Representative (COR).”

The full extent of the CFPB personal financial data collection program is revealed in a document obtained by Judicial Watch entitled “INDEFINITE-DELIVERY INDEFINITE-QUANTITY (IDIQ) STATEMENT OF WORK.”  Issued by CFPB Contracting Officer Xiaoling Ang on July 3, 2012, the IDIQ document’s stated objective: “The CFPB seeks to acquire and maintain a nationally representative panel of credit information on consumers for use in a wide range of policy research projects… The panel shall be a random sample of consumer credit files obtains from a national database of credit files.”

Read more on Judicial Watch.

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