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February 5, 2018 06:00 pm

US Consumer Protection Official Puts Equifax Probe on Ice

From a report on Reuters: Mick Mulvaney, head of the Consumer Financial Protection Bureau, has pulled back from a full-scale probe of how Equifax failed to protect the personal data of millions of consumers, according to people familiar with the matter. Equifax said in September that hackers stole personal data it had collected on some 143 million Americans. Richard Cordray, then the CFPB director, authorized an investigation that month, said former officials familiar with the probe. But Cordray resigned in November and was replaced by Mulvaney, President Donald Trump's budget chief. The CFPB effort against Equifax has sputtered since then, said several government and industry sources, raising questions about how Mulvaney will police a data-warehousing industry that has enormous sway over how much consumers pay to borrow money. The CFPB has the tools to examine a data breach like Equifax, said John Czwartacki, a spokesman, but the agency is not permitted to acknowledge an open investigation. "The bureau has the desire, expertise, and know-how in-house to vigorously pursue hypothetical matters such as these," he said.

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