We Warn Congress: After Equifax, Firms Will Step Up Trojan Horse Efforts to Eliminate State Privacy Laws

Like clockwork, after any big data breach is disclosed, powerful special interests seek to turn the problem into a bigger problem for consumers by using it as an opportunity to enact some sort of narrow federal legislation that broadly eliminates state data breach notification, state data security and other privacy protections.  I testified yesterday in the House Financial Services Committee (link to full hearing archive and video transcript) warning of their efforts. I warned in particular of their Trojan Horse efforts to hide their broader plans. They don’t simply want to create a “uniform national breach law.” Inside that Trojan […] Read more

Equifax, other credit rating firms should prepare for ‘a different regime,’ Washington regulator warns

Consumer Financial Protection Bureau Director Richard Cordray speaks during the 2017 Cincinnati AFL-CIO Labor Day Picnic at Coney Island in Cincinnati. (Kareem Elgazzar/Cincinnati Enquirer/AP)

This post has been updated.

One of Washington’s top consumer watchdogs warned on Wednesday that credit rating agencies should prepare for tougher supervision in the wake of a massive hack at Equifax that exposed sensitive data on 143 million people.

“We’re going to have monitoring in place that’s preventive,” Richard Cordray, the head of the Consumer Financial Protection Bureau, said in an interview with CNBC. “It’s going to be a different regime than we’re used to. In […] Read more

Hack batters firms’ reputation with consumers

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In the wake of the Equifax breach, a consumer group wants Congress to rethink how we use credit reporting agencies. Consumer Watchdog also wants lawmakers to mandate two factor authentication to safeguard personal information. (Sept. 15)
AP

A view of a sign for the company Equifax on the floor of the New York Stock Exchange. (EPA-EFE/JUSTIN LANE)(Photo: JUSTIN LANE, EPA-EFE)

The Equifax brand is under assault.

Equifax’s reputation with consumers has fallen at a quicker pace than other companies hit by similar data breaches in recent years, according to data from YouGov […] Read more