Here's Why the Government Wants Your Banking Records

April 19, 2013

Despite objections from banks across the United States, the Consumer Financial Protection Bureau is preparing to monitor how millions of Americans apply for mortgages, use credit cards, and overdraw their checking accounts. To further this mission, the consumer finance watchdog is requiring banks to submit their records. It has even bought anonymous information about at least 10 million consumers from credit-monitoring companies, including Experian, which was paid $8.4 million.

Created by the 2010 Dodd-Frank law, the consumer bureau consolidated and expanded U.S. oversight of consumer finances.... FULL STORY