CFPB

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This Is One of the Biggest Rip-Offs in History - And It Just Met Its Match

I've written and railed about rip-off student financial aid schemes here for years.

And based on all the very personal stories I've received, I know many of you are outraged as well - even more so because of your devastating first-hand experiences.

Make no mistake: For-profit education companies are (more often than not) "rip-off traps" that condemn unsuspecting students into indentured servitude to greedy companies' bottom lines.

Well, there may be a White Knight after all.

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How the CFPB is Targeting Americans for Personal Financial Data

Three cheers for privacy rights under the Obama Administration…

And if the sarcasm doesn’t leak from those words, it’s time for me to start designing coloring books.

Last week, the newest Washington agency designed to protect us from ourselves, the Consumer Financial Protection Bureau, was caught collecting data on more than 10 million ordinary Americans without their knowledge or permission.

Not only does the law that created the CFPB, the Dodd-Frank Act, prohibit this sort of data collection, but it is just another example of how government is using poorly designed laws to intervene in the lives of everyone.

The government is once again targeting ordinary Americans while letting the real financial criminals preying on Americans walk away Scott free.

Another “Data Project” Means More Spying on Americans

According to reports, the CFPB has allocated more than $20 million in its budget to collect and track the spending habits of more than 10 million Americans. Despite this new government initiative, Sen. Mike Crapo (R-Ida.) has suggested that the data collection project could become much more widespread than expected.

The agency is in the process of building a database of personal customer information, including monthly credit card, mortgage, car and other financial payments. Private contractors (crony friends of Washington) will store the data and share it with other federal agencies and Congressional staffs whenever it is ever needed – without really explaining why it is needed.

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