Under Obama The Consumer Financial Protection Bureau Did Everything But Protect Consumers

Elder Patriot – When the Democrats established the Consumer Financial Protection Bureau they placed it outside of the oversight by elected officials.  We now know why.

After it’s formation, the CFPB began a massive and unprecedented data-mining effort on the personal financial data of every American.  This included stockpiling the data attendant to more than 600 million credit card accounts as well as the data from millions upon millions of auto loans, home loans, business loans and student loans. 

But it didn’t stop there.  The CFPB went far beyond even the intrusions the IRS has carved out for itself.  This personal information overreach includes credit scores, performance data on loans, telephone numbers, employment records, date of birth, Social Security number, address, even race and ethnicity.

According to Paul Sperry who investigated this story, at last count, the CFPB had 12 consumer data-mining programs running.

And, not so shockingly for the administration of Barack Obama, no one gave a wit about protecting any of it.  We only know about the cavalier and irresponsible handling of our personal information because Donald Trump became president.

Trump appointed Mick Mulvaney to head the CFPB and Mulvaney disclosed the deliberate malfeasance that had been taking place at the agency that was beyond Congressional oversight (for whatever good Congressional oversight provides.)

Internal documents showed that by 2015 the bureau’s inspector general Mark Bialek had expressed concerns that sharing the massive databases with outside contractors without conducting background checks, and storing sensitive private information on unsecured data clouds had made the data vulnerable to hacking, identity theft and fraud.

Imagine this reality – in the wake of the Chinese’s massive hacking of the US Office of Personnel Management – the bureau failed to institute new cyber-security safeguards that became mandated when collecting personal information including credit-card accounts and loans.

Bialek determined that the bureau was still using the same “outdated encryption mechanism to secure remote access to its information technology infrastructure.”

When Mulvaney testified before Congress last month he revealed that he had confirmed 223 cases of hacking and that evidence pointed that another 840 hacks were likely to have occurred.

Manchurian President Obama created the omnipotent regulatory agency with the intention of establishing a secret massive database that included virtually every financial account held by Americans to use for his own nefarious purposes. 

This should not come as a surprise to anyone.  Similar to his corruption of the IRS, it was just one more agency and database he could use to extort the American people.

And, in his avarice to access that information he didn’t care who else got their hands on that personal data.  In light of the coordination between Facebook and his 2012 re-election campaign, and again with the corruption he fostered at the DOJ and the FBI, it was about Obama and only about Obama.