Istook’s Insights: Consumer Financial Protection Board is watching you, No savings on insurance
Published: June 6th, 2015
The NSA may spy less, but other federal agencies are spying on you more.
The law just changed, so the National Security Agency no longer has the same ability to track everybody’s phone calls.
But another Big Brother agency is snooping on you more than the NSA ever did.
The CFPB, Consumer Financial Protection Board, is assembling billions of financial records about all of us.
They claim it’s to figure out how to protect our finances from big banks and others in the private sector.
For example, CFPB is compiling this data about everyone who had a mortgage during the past 25 years: name, address, birthdate, phone number, race,gender, religion, Social Security number, education, military record, size of your home, names of everybody living there, plus the full details about your assets, mortgage payments, credit card debt, and lots more.
Never mind NSA.
Who will protect us from CFPB?
And it’s no shock: Health insurance costs are rising.
President Obama promised you could keep your policy; keep your doctor; and you’d save $2,500 a year on insurance premiums.
He’s oh-for three.
Obama insists his plan is slowing down cost increases; others respond that it’s only because the whole economy is sluggish.
The President ignores his promise that Obamacare would actually reduce premiums.
For a family of four it now costs about $25,000 a year for insurance plus deductibles and co-pays.
But insurance companies want rate hikes of over 10% in 37 states. Those include 50% in New Mexico, 36% in Tennessee, 30% in Illinois, 28% in Maryland, and 26% in North Carolina.
It’s not every company or every plan, but there are hundreds of similar requests.
Regulators will try to negotiate rates down. But they’ll never come close to Obama’s claim that households would save $2,500 a year.