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-- so the government is now doing market surveillance on your credit card transactions.
Which could expand the evening your mortgage another loan.
But a big business groups as the Consumer Financial Protection Bureau is breaking up a lot more -- Elizabeth MacDonald Liz what is the face to face them out.
What's happening as the US chamber of commerce at the behest of the big banks sent a letter to the Consumer Financial Protection Bureau saying hey wait a second.
You did not put out a rule for comments.
Where congress could win -- consumers could weigh in in building this big database that will collect on a monthly real time basis credit card transactions and here's what the -- said.
To the CF -- in a letter they said we believe the -- demands.
Are on -- in other words that Dodd-Frank which enacted the CA PD says you have to basically issue a rule for comments.
And now -- -- -- as saying.
Listen you guys are breaking the law by not putting -- that -- for -- in building this massive credit card transaction database.
They think that we need to know what that is what exactly is the consumer financial protection that protection you're collecting here is what it's saying it is collecting their real time -- -- -- on your credit card transactions says it will not get your name -- address attached to your info.
And it won't match -- info with other databases but a mortgage database.
Is coming so a big database with your financial transactions.
To my mind on -- and having say they can and they -- not -- match it.
With other databases that they're collecting it that they need to match that you need to have a -- like -- -- exploration to match and go ahead.
Says so let me play devil's advocate there to red flags it would appear to me first of all the banks objecting to this that would tell me that this if peavy might be doing something -- given how the banks have dealt with us consumers with credit cards.
How is this any different from what the credit reporting agencies do want a much more.
And then sell it you just answered your first question by asking a second one big reason the banks are worried is.
Who has security clearances and at the CF BP which only answers to the -- -- doesn't answer congress.
So -- -- and it's on an offense essentially independent agency.
Who has security clearances think they want to see your information that goes into this database.
The GAO has already question and sentencing it could be your data systems are not secure can you share that information your credit card and and in the future mortgage information.
With other federal state or federal stages are not our research is out in the field.
And so what they're worried about too is that the US chamber is your credit report -- Has a lot more than just transaction right there but it's got your Social Security however is different dollar amount -- how is it different than what the credit report ahead but is -- now and just say that's I'm saying is that they basically the CPB is going to use credit report and information to build a database or getting it can possibly from Experian.
And other credit.
Not reporting agencies so that information is not just transaction metadata and has other impersonal possibly identifying what will happen with this database of information what -- -- specifically look that's a great question that's when that's your previous saying hey we need this issue for congress finishing better rules.
We need this information so to -- could do better studies to better form -- Congress we need this information to base and point out risks to consumers.
The question is important here is the SEC in the USA -- sampling in doing random random sampling they don't builds big gigantic databases with and tremendous amount of information said that's what's at issue here and this is that what's that.
That the controversy is about it is that indeed thank you so much with the -- tonight.
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