Equifax Inc. agreed to pay up to $700 million to resolve U.S. federal and state investigations into the 2017 hack that compromised some of the most sensitive information of more than 140 million people. ... Read full article
The agreement with authorities including the Federal Trade Commission and state attorneys general — and possibly the Consumer Financial Protection Bureau — may be announced as soon as Monday. ... Read full article
A bill by Rep. Patrick McHenry, R-N.C., would give the CFPB authority to oversee cybersecurity efforts at the credit bureaus. ... Read full article
Almost two years after the Equifax breach led to a congressional uproar but minimal policy change, the protracted fight to enact data security and privacy reform has a new bogeyman. ... Read full article
Legislation backed by Democrats to reform the credit bureaus and allow consumers greater access to their information advanced without any Republican support. ... Read full article
The watchdog and three Democratic lawmakers urged the agencies to stop using knowledge-based verification methods to grant access to their online portals. ... Read full article
It’s no coincidence that with more than half of consumers ages 20 to 29 now holding credit cards — up from 41% in 2012 — 90-day delinquency rates are at a seven-year high, according to the New York Fed. ... Read full article
The new cloud-based solution is intended to help financial institutions make quicker credit decisions by integrating consumers’ histories with advanced software. ... Read full article
The watchdog’s report — requested by Sen. Elizabeth Warren, D-Mass., and Rep. Elijah Cummings, D-Md. — called for civil money penalty authority and better supervision to guard consumer data. ... Read full article
California and others have passed consumer privacy laws, and lawmakers in Congress are beginning to address the issue. ... Read full article
The data breach at Equifax and Facebook's scandals have made data privacy a big issue to state and federal lawmakers. Here's why banks need to be worried. ... Read full article
The root of the credit reporting sector’s problems may be its dominance by a handful of big firms, lawmakers from both parties said at a hearing. ... Read full article
Ahead of testimony by the CEOs of the major bureaus, House Financial Services Committee leaders proposed sweeping changes for the credit reporting industry and credit-score protections for furloughed government workers. ... Read full article
While student, auto and credit card balances are at or near record levels, housing debt is shrinking, credit quality is weakening a bit and lending standards, at least in some sectors, are tightening. ... Read full article
The time regulators take to decide on prospective deals has dropped sharply; a report says the cyberthieves were looking for info to help recruit spies. ... Read full article
The top Republican and Democrat on the Senate Banking Committee are asking for stakeholders to weigh in on data collection issues as lawmakers consider legislative responses to recent breaches. ... Read full article
As another possible shutdown looms, concerns about furloughed workers’ credit histories have shifted the reform discussion away from data security. ... Read full article
Senator Elizabeth Warren’s first trip to Iowa as a likely presidential candidate highlighted her fiery anti-Wall Street populism. ... Read full article
The Federal Housing Finance Agency has proposed barring Fannie Mae and Freddie Mac from using credit scores developed by VantageScore over concern about conflicts of interest with the joint venture of Equifax, Experian and TransUnion. ... Read full article
Republicans on the House Oversight Committee concluded that last year’s massive data breach at Equifax was fully preventable, but stopped short of recommending new laws aimed at averting future hacks. Democrats called the final report a “missed ... Read full article
