Under terms of the settlement approved by a Georgia court Monday, Equifax may also have to pay an additional $125 million if the initial amount doesn't cover all the claims.
The Clearing House is pushing contract terms that would give fintechs quicker access to consumers' financial information, but one large upstart has taken issue with the proposal's language.
The Federal Trade Commission should look into whether Amazon’s failure to secure its services “constitutes an unfair business practice,” which would violate federal law, Sens. Elizabeth Warren and Ron Wyden wrote the agency's chairman.
Democratic lawmakers and consumer advocates say the remedies offered to consumers by firms like Capital One and Equifax are too difficult to access and not particularly helpful.
The lawmakers, including Sens. Sherrod Brown and Elizabeth Warren, sent the bank a letter focusing on customers' difficulty enrolling in credit monitoring and identity protection services.
The company still intends to shut down its data centers next year even as the recent hacking that exposed the data of some 100 million people raised questions about its aggressive embrace of cloud computing.
At the same time, consumers hold banks to tougher disclosure standards than government agencies, health care organizations and retailers, according to Experian.
A senior official at the European Central Bank warned that banks embracing external data storage and other digital technology need to face the reality that those systems are inviting targets for hackers.
The Massachusetts Democrat is questioning a claim by the agency about the amount of redress available to those affected by the credit bureau's 2017 data breach.
