(Washington Examiner) -- As many as 227 million Americans may be compelled to disclose intimate details of their families and financial lives -- including theirSocial Security numbers -- in a new national database being assembled by two federal agencies.
The Federal Housing Finance Agency and the Consumer Financial Protection Bureau posted an April 16 Federal Register notice of an expansion of their joint National Mortgage Database Program to include personally identifiable information that reveals actual users, a reversal of previously stated policy.
FHFA will manage the database and share it with CFPB. A CFPB internal planning document for 2013-17 describes the bureau as monitoring 95 percent of all mortgage transactions.
Critics, however, question the need for such a “vast database” for simple reporting purposes.