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No warrants and no probable cause have been no problem for the Obama  administration in its work to collect detailed financial information on millions  of Americans, according to a new report.

Wait, you say, wasn’t the Obama administration already collecting details  about phone calls? Yup. And the content of prayers of Christian groups?  Affirmative. And how about the phone records of reporters? Yes, again.

The documents confirming the effort were released today by Judicial  Watch, the Washington watchdog organization that tracks down, investigates  and presses for prosecution of federal crimes.

“The Obama administration’s warrantless collection of the private financial  information of millions of Americans is mind-blowing. Is there anything that  this administration thinks it can’t do?” said Judicial Watch President Tom  Fitton.

“These documents show that the Consumer Financial Protection Board is an  out-of-control government agency that threatens the fundamental privacy and  financial security of Americans. This is every bit as serious as the controversy  over the NSA’s activities.”

It was the National Security Agency that was revealed to have been collecting  data without warrants on the phone calls of millions of Americans.

Judicial Watch said it acquired through a Freedom of Information Act  procedure records revealing some of the government’s recent work.

The report said the Consumer Financial Protection Bureau has spent millions  of dollars for “the warrantless collection and analysis of Americans’ financial  transactions.”

It explains the fine print also calls for CFPB contractors, who may have that  information, “may be required to share the information with ‘additional  government entities.’”

The watchdog organization began its search for the records following CFPB  chief Richard Cordray’s appearance before the Senate Banking Committee in  April.

Among other things, it found that the board, authorized by the 2010  Dodd-Frank financial reform plan, wants large amounts of credit information from  millions of consumers, reportedly for a number of “policy research  projects.”

The broad outline states: “The panel shall include 5 million consumers, and  joint borrowers, co-signers, and authorized users. The initial panel shall  contain 10 years of historical data on a quarterly basis.”

The documents claim that the identities will be “masked,” but ages, birth  dates and census block numbers are to be included.

Fitton told U.S. News that the government plans are a “more direct assault on  American citizens’ reasonable [expectation] of privacy than the gathering of  general phone records.”

Judicial Watch also said it found contracts  that overlapped, so that several credit reporting agencies and accounting  firms would gather, store and share credit card data. Those companies included  Deloitte Consulting, Experian and others.

It found an  $8.4 million deal with Experian was “to track daily consumer habits of  select individuals without their awareness or consent.”

The government admitted that the contractors would, “in performing this  requirement … obtain access to non-public, confidential information, Personally  Identifiable Information (PII), or proprietary information.”

The government documents themselves say: “The initial sample shall be drawn  from current records and historical data appended for that sample as well as  additional samples during the intervening years to make the combines sample  representative at each point in time.”

Among the goals, according to the government, was to “maintain” detailed  “credit information” on Americans.

“The central mission of the CFPB is to make markets for consumer financial  products and services work for Americans – whether they are applying for a  mortgage, choosing among credit cards, or using any number of other consumer  financial products,” the government said.

While the government agency said data collecting procedures are authorized by  the Dodd-Frank law, it does use “anonymized industry data.”

“The bureau is not receiving data about individual purchase transactions nor  are we receiving any personally identifiable information,” the agency told U.S.  News.