September 07, 2018

American Banker: Two lawmakers urge CFPB, FTC to keep pressure on Equifax

Two Democratic lawmakers are calling for an update on regulators' progress investigating Equifax a year after a massive data breach at the credit reporting giant came to light.  

Sen. Elizabeth Warren, D-Mass., and Rep. Elijah Cummings, D-Md., have sent a letter to the Consumer Financial Protection Bureau and the Federal Trade Commission urging them to hold credit reporting agencies accountable. Equifax disclosed the breach that ultimately affected 148 million consumers, in September 2017.

“Companies like Equifax do not ask the American people before they collect their most sensitive information. ... This is why effective oversight of these companies by your agencies is vital and why the American people deserve an update on your investigations,” the lawmakers said in the letter, which was addressed to FTC Chairman Joseph Simons and acting CFPB Director Mick Mulvaney.

Read the full story on American Banker's website here.

By:  Neil Haggerty
Source: American Banker