Reed: Trump Administration Must Not Impede CFPB’s Independent Equifax Probe
WASHINGTON, DC – U.S. Senator Jack Reed, (D-RI), a senior member of the Senate Banking Committee, questioned the Trump Administration’s reported efforts to slow the Consumer Financial Protection Bureau’s (CFPB) investigation into the Equifax data breach scandal that affected more than 140 million consumers.
“There are over 140 million reasons to hold Equifax accountable for endangering consumers, but the Trump Administration doesn’t seem interested in moving quickly to protect a single consumer,” stated Reed, who noted that nearly half of all Americans may have had their personal data compromised by the credit-reporting company Equifax Inc.
“Equifax appears to have recklessly compromised half the country’s personal data. Now, according to reports, the Trump Administration is slow walking a thorough investigation into Equifax. This fits a troubling pattern of the Trump Administration putting the interests of big financial corporations above the rights of consumers.
“Congress should look into these reports that OMB Director Mulvaney is not prioritizing the protection of consumers and work together to strengthen data security laws and protect hardworking Americans from being ripped off by hackers and corporate wrongdoers.”
In an effort to strengthen consumer credit reporting rights, Reed recently introduced the Control Your Personal Credit Information Act (S. 2362), which seeks to give consumers greater control over when and how their consumer reports are shared by consumer reporting agencies.