It was also learned at a Congressional hearing Tuesday that CFPB officials are working with the Federal Housing Finance Agency on a second data-mining effort, this one focused on the 53 million residential mortgages taken out by Americans since 1998.
Later in the hearing, Neugebauer remarked that CFPB "and NSA are in a contest of who can collect the most information."
although the CFPB disagreed with that statement.
In previous testimony before Rep. Jeb Hensarling's panel, Antonakes said “the combined data represents approximately 85-90 percent of outstanding card balances.”
The Argus contract specifies that the company must collect 96 “data points” from each of the participating card issuers for each credit card account on a monthly basis.
The 96 data points include a unique card-account identification reference number, ZIP code, monthly ending balance, borrower’s income, FICO score, credit limit, monthly payment amount, and days past due.
"Would you object to getting permission from consumers, those people who you work for, before you collect and monitor their information?" Rep. Sean Duffy, R-Wis., asked Cordray.
"That would make it impossible to get the data," Cordray replied.
"You can't even opt out," Duffy said. "The NSA does not ask Americans' permission to collect their phone records and emails and texts. The CFPB does not ask permission to collect information on America's financial consumers.""
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