31 senators ask CFPB for Equifax probe details

by Francis Monfort12 Feb 2018

A group of 31 senators is seeking details about the Consumer Financial Protection Bureau’s investigation into the personal data breach at Equifax after news reports said the consumer watchdog has halted its probe.

Sen. Brian Schatz (D-Hawaii) led the group, which included every Democrat on the Senate Banking, Housing, and Urban Affairs Committee.

In a letter to Acting Director Mick Mulvaney and Deputy Director Leandra English, the senators expressed serious concern over the reports, saying the CFPB is the only federal agency with supervisory authority over the largest consumer reporting agencies.

According to reports, the CFPB has not issued any subpoenas, sought testimony from key executives at Equifax, or proceeded with on-site examinations.

“We are deeply troubled by recent news reports that, under Director Mulvaney’s leadership, the CFPB may have stopped its investigation into the Equifax breach,” the senators wrote. “According to these reports, the CFPB has not taken even the most preliminary steps to conduct an investigation. While we are aware of reports that the Federal Trade Commission (FTC) may be taking the lead in investigating Equifax’s failure to maintain adequate data security standards, the CFPB still has a duty to investigate the harm to consumers and whether other federal consumer financial laws have been violated.”

The senators specifically asked the CFPB whether it has stopped the bureau investigation into the Equifax breach announced in September by former director Richard Cordray. The letters also asked whether the bureau plans to conduct on-site exams and whether it is coordinating with the FTC and other federal regulators.

The senators asked the CFPB to respond by Feb. 19.


Related stories:
Under Mulvaney, CFPB pulls back on Equifax probe
Internal review clears 4 Equifax execs from breach-related insider trading allegation
 

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