Problem is this is a non-story.

Under the pretense of the "drug war", for years banks have been required to keep records of any financial transactions over a few hundred dollars and forward that data to the feds. A transaction in cash over $5k sends up a red flag. Under subpoena power, any bank that has business with the Federal Reserve can be forced to turn over all of it's records to the fed.

Try buying an airline ticket with cash. Previously, it was recorded and forwarded to the feds. I haven't tried it but it's probably impossible now.

This garnered slightly more than a blip on the news radar when Congress passed a banking law coined as "Know Your Neighbor". It was rescinded following a small peep from the constituency. But just like the the phone companies, several banks voluntarily comply with federal requests under fear of intimidation or pressure from the Federal Reserve with threats to limit loans, etc.

Besides, data mining financial transactions will only deter the ignorant terrorists like the shoe bomber Reid. Real terrorist organizations like Osama use couriers and bribery and are aware of the giant federal data vacuum machine.

Few seem to have a problem with the enormous data mining the fed is conducting. After all if you aren't doing anything criminal then why worry? That is until like me, a veteran, when some idiot manages to give criminals access to it. And then it's my problem. The fed does help though by sending me letters informing me of the steps I need to take to safeguard my personal data.