Big Brother: The Obama regime plans to let law enforcement agencies sift through Americans' most sensitive private financial information once it collects it as part of a vast new database. Your privacy is under threat.
It was bad enough that the proposed National Mortgage Database Project could expose millions of Americans to identity theft, hacking and fraud. Now we learn it could also expose them to prosecution.
Created and maintained jointly by the Federal Housing Finance Agency (FHFA) and Consumer Financial Protection Bureau (CFPB), the database will store vast amounts of personally identifiable information, as well as extremely sensitive personal and financial information that even the IRS doesn't collect.
It includes your credit scores and performance data on credit cards and home, auto, business and student loans . The repository will be linked to your name, telephone numbers, Social Security number, employment records , address and date of birth, as well as race and religion.
The regime cryptically explains it's collecting the data for "research" and "policymaking." But according to a new notice posted in the Federal Register, the following is also described as a "routine use" for the database:
"Where there is an indication of a violation or potential violation of law, whether civil, criminal or regulatory in nature, and whether arising by general statute or particular program statute, or by regulation, rule or order issued pursuant thereto, the relevant records in the system of records may be referred, as a routine use, to the appropriate agency, whether federal, state, local, tribal, foreign or a financial regulatory organization, including the Financial Crimes Enforcement Network and other law enforcement and government entities, as determined by FHFA to be appropriate and that are charged with the responsibility of investigating or prosecuting such violation or charged with enforcing or implementing a statute, or rule, regulation or order issued pursuant thereto."
More, the regulators might release records to "any individual during the course of any inquiry or investigation conducted by FHFA, or in connection with civil litigation, if FHFA has reason to believe that the individual to whom the record is disclosed may have further information about the matters related therein, and those matters appeared to be relevant at the time to the subject matter of the inquiry."
The thought of law enforcement trawling through our household credit records for evidence of crimes or civil infractions raises privacy concerns of the highest order.
Read More At Investor's Business Daily: http://news.investors.com/ibd-editorials/061214-704522-feds-to-trawl-personal-financial-data-for-crimes.htm#ixzz34ZCRHA3K
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