Regulation and Compliance

Mulvaney Reportedly Stalls CFPB Probe of Equifax

Feb 05, 2018
Sen. Sherrod Brown (D-OH), the ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, has published a 36-page report criticizing how Mick Mulvaney has run the Consumer Financial Protection Bureau

The Consumer Financial Protection Bureau (CFPB) is reportedly slowing down its probe of the Equifax data breach, in stark contrast to other federal and state investigations.
 
According to a Reuters report that is attributed to anonymous “people familiar with the matter,” Acting Director Mick Mulvaney has not ordered any subpoenas against Equifax or sought sworn testimony from the Atlanta-based company’s executives. Furthermore, Mulvaney has yet to give the green light for on-the-ground tests of how Equifax protects customer data.
 
Equifax said it is now being investigated by all 50 state attorneys general and is dealing with more than 240 class action lawsuits as a result of the data breach. The Federal Trade Commission (FTC) has been conducting its own investigation of Equifax since September.
 
Reuters is also claiming that the CFPB under Mulvaney has declined offers from bank regulators at the Federal Reserve, Federal Deposit Insurance Corp and Office of the Comptroller of the Currency to help with on-site exams of credit bureaus. This is a reversal of the request by former CFPB Director Richard Cordray for input from the bank regulators on cybersecurity exams at the credit bureaus. Cordray had also sought out to partner with the FTC in a probe of Equifax, but the two agencies are not currently working together.
 
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Phil Hall
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Feb 05, 2018
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