Reports that CFPB Dropping Equifax Investigation Raise Major Questions

Statement from U.S. PIRG’s Ed Mierzwinski on reports that CFPB is dropping its investigation into the Equifax breach:

Widespread media reports that the CFPB acting director, Mick Mulvaney of OMB, is dropping its investigation into the Equifax breach leave its 145 million consumer-victims with nowhere to go. Only the Consumer Bureau has the tools and powers needed to investigate and hold the powerful financial gatekeeper Equifax accountable. It is time for the President to move his part-time caretaker back into the White House and to nominate a full-time director who is qualified to do, and will do, the CFPB’s only job: protecting consumers in the financial marketplace. 

This lack of enforcement also underscores the need for Congress to pass two important reforms. The “Data Breach Prevention and Compensation Act,” introduced by Senators Elizabeth Warren (MA) and Mark Warner (VA), will hold big credit bureaus accountable when they fail to protect our information (our blog). The “Control Your Personal Credit Information Act” (S. 2362), from Senator Jack Reed (RI), will give consumers greater control over when and how their consumer reports are shared by consumer reporting agencies (his release).”

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U.S. PIRG is the federation of state Public Interest Research Groups.  PIRGs are non-profit, non-partisan public interest advocacy organizations that stand up to powerful interests whenever they threaten our health and safety, our financial security, or our right to fully participate in our democratic society. On the web at www.uspirg.org.