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.
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.
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.
Legislation backed by Democrats to reform the credit bureaus and allow consumers greater access to their information advanced without any Republican support.
The watchdog and three Democratic lawmakers urged the agencies to stop using knowledge-based verification methods to grant access to their online portals.
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.
The new cloud-based solution is intended to help financial institutions make quicker credit decisions by integrating consumers’ histories with advanced software.
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.
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.
