U.S. Amasses Big Data on 10 Million People, Banks Protest

The new U.S. consumer finance watchdog is gearing up to monitor how millions of Americans use credit cards, take out mortgages, and overdraw their checking accounts.

Their bankers aren’t happy about it.

The Consumer Financial Protection Bureau is demanding records from the banks and is buying anonymous information about at least 10 million consumers from
companies including Experian.

While the goal is to sharpen enforcement and rule-making, banking executives question why the bureau is collecting so much without being more specific about the benefits.

Story by Carter Dougherty for Bloomberg News.

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