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Data Breach at Equifax


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#81 baw1064

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Posted 03 November 2017 - 01:54 PM

Predictably, Equifax's internal investigation exonerated its employees of insider trading for selling stock just before the news came out.

Move on, nothing to see here.
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#82 LFC

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Posted 05 February 2018 - 01:19 PM

Mick Mulvaney has decided to shield Equifax from investigation.

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Mick Mulvaney, head of the Consumer Financial Protection Bureau, has pulled back from a full-scale probe of how Equifax Inc failed to protect the personal data of millions of consumers, according to people familiar with the matter.

Equifax (EFX.N) 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.

Three sources say, though, Mulvaney, the new CFPB chief, has not ordered subpoenas against Equifax or sought sworn testimony from executives, routine steps when launching a full-scale probe. Meanwhile the CFPB has shelved plans for on-the-ground tests of how Equifax protects data, an idea backed by Cordray.

The CFPB also recently rebuffed bank regulators at the Federal Reserve, Federal Deposit Insurance Corp and Office of the Comptroller of the Currency when they offered to help with on-site exams of credit bureaus, said two sources familiar with the matter.


The states who have fewer resources and powers are trying to step up. How long before they get knocked down?

Quote

Equifax has said it is under investigation by every state attorney general and faces more than 240 class action lawsuits.

The Federal Trade Commission is examining the breach and the company may face financial penalties. The last time the FTC penalized a major credit bureau was in 2012, a $393,000 settlement with Equifax.

In contrast, the CFPB fined credit bureaus more than $25 million just last year for over-marketing its monitoring services, which generated monthly fees.

The FTC confirmed in September it was investigating Equifax but a spokesman declined further comment.

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#83 Progressive whisperer

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Posted 05 February 2018 - 02:23 PM

Corporations are people my friend - the best people! Can’t be harassing them...

Trump delenda est.
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#84 golden_valley

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Posted 05 February 2018 - 05:13 PM

Conclusion: So some little people's personal information got hacked. Stupid little people shouldn't borrow money if they're worried about who sees their info.





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