STAFF REPORTS
“We are deeply troubled by recent news reports that, under Director Mulvaney’s leadership, the CFPB has stopped its investigation into the Equifax breach,” the Senators wrote. “The CFPB is currently the only federal agency with supervisory authority over the largest consumer reporting agencies. Consumer reporting agencies and the data they collect play a central role in consumers’ access to credit and the fair and competitive pricing of that credit. Therefore, the CFPB has a clear duty to supervise consumer reporting agencies, investigate how this breach has or will harm consumers, and bring enforcement actions as necessary.”
According to reports, CFPB has not issued any subpoenas, sought testimony from key executives at Equifax, or proceeded with on-site examinations.
The Equifax breach exposed data that included customers’ names, Social Security numbers, birthdates, addresses, driver’s license numbers, and, for some consumers, credit card numbers. This data could easily be used by criminals to steal people’s identity or commit fraud. The impact on consumers whose data has been stolen is potentially devastating. As a result of identity theft and fraud, customers face the risk of having debt accrued in their name. They could suffer long-lasting damage to their credit, which could lead to them being denied loans, mortgages, employment, or even rental housing. To resolve the damage done by this data breach, they will likely spend months, if not years, trying to correct resulting errors and problems with their financial records.
The full text of the letter is
available here.
