No, We Don't Trust The CFPB With Our Credit Cards

Up until now Americans have been told that yes, the government has been spying on them, but there is an overriding national security concern and there is a tradeoff between freedom and security and besides that there is congressional and judicial oversight. Now it looks as if Americans can expect more spying but this time without any overriding national security concern and no congressional or judicial oversight and the agency that will be doing the spying will be sharing their credit card data with other federal agencies. The Consumer Financial Protection Bureau intends to start collecting credit card data on 10 million Americans. Of course, like the NSA, the CFPB claims that the data will be "anonymized", containing no names or social security numbers. It seems the agency just wants some data to mine. CFPB Director Richard Cordray explains "big data is the cutting edge of analysis in research right now in every field that involves analytics in -- in this country. You know, IBM, the big banks, every -- every company that deals with the public is gathering and crunching as much data as they can."
I does not follow that if the public is concerned about business data mining it will be any happier to know the federal government is doing it on a larger scale. Furthermore unlike the NSA, the CFPB has yet to create rules governing the collection and use of the data. Yes, the data will be confidential but is an agency employee free to do a backward search from the account of a 501(c)(4) and compile its donor list? What prevents an employee from going on an internet shopping spree other than trust?
The CFPB doesn't see the need to obtain anything resembling a warrant to force banks and credit card companies to furnish the demanded data. It simply intends to bully the institutions into providing it.

The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no warrants shall issue, but upon probable cause, supported by oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized.

What the hell does the CFPB think " The right of the people to be secure in their ... papers refers to? Their EZ Widers?
Judicial Watch has secured by a FOIA request "records revealing that the agency has spent millions of dollars for the warrantless collection and analysis of Americans’ financial transactions". The US Chamber of Commerce has accused the CFPB of breaking the law by demanding the account-level data without a warrant or National Security Letter.
Whose data is it? The CFPB would argue that the data belong to the banks and credit card companies just as the NSA argues that phone logs belong to the telecommunication companies and the government is free to view said records at its pleasure. That assumption is based on a 1975 Supreme Court decision that allowed that a police department could look at a single account once not everyone's account all the time. With the adaptation of electronic transfers and computer databases the financial institutions of 1975 more resemble the those of Wilson administration than the Obama administration. Everyone's papers to which the people have a right to be secure in are on computers.
Richard Cordray was never confirmed by the Senate. He was appointed during what Obama deemed a recess. The appointment of three NLRB board members appointed at same time has been challenged and found to be unconstitutional by the U.S. Court of Appeals for the D.C. Circuit. The Supreme Court will hear the appeal in its next session but Cordray's appointment has never been challenged and his grip on his office is at best questionable. Question; What civil immunities accrue to an officeholder who was not legally appointed to that office? Question; Why has no member of the Ohio Bar Association sought his disbarment for ignoring the constitution? Following the panic of 9/11 several telecom companies were sued for providing assistance to law enforcement without requiring the agencies to obtain search warrants. Congress later provided them ex post facto immunity. Question; Should the banks and credit card companies that abet the CFPB in warrantless seizures be subject to a class action lawsuit? If $10,000 per violation too little what is just recompense? Could this data be shared with Obama's PAC, Organizing for America?
There is precious little trust in government. The days of "trust us" are long passed. Congress needs to fix this problem now!