Obama administration paid contractors millions to snoop through Americans’ financial data

Saturday, June 29, 2013
By Paul Martin

DailyCaller.com
06/27/2013

A secretive data collection program run by the Consumer Financial Protection Bureau allows private contractors access to millions of Americans’ personal financial information, according to a government accountability group.

The information may also be shared with other federal agencies.

Documents obtained by Washington-based Judicial Watch through the Freedom of Information Act illustrate the cost and scope of the program, which business groups and some Republican lawmakers have assailed as invasive and potentially illegal.

The Daily Caller News Foundation previously reported how the CFPB compelled banks to comply with the program by making successful passage of routine inspections conditional on supplying massive amounts of their customers’ financial information. The new documents shed light on what happens to that data once banks have turned it over.

Multiple credit reporting agencies and accounting firms signed contracts with the bureau in 2012 to gather, store and analyze mountains of data on Americans’ credit card transactions. One company, Argus Information and Advisory Services, was paid $2.9 million last year to perform such tasks, with a total payout of $15 million scheduled for 2017.

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