Tuesday, February 06, 2018

Consumer Protection Bureau Gives Up on Equifax Probe

Nearly half of all Americans will face the repercussions of the Equifax hack for years to come. The credit reporting firm announced in September that the personal information of 143 million people had been breached. But according to Reuters the federal agency charged with investigating the information breach has stopped looking into the matter. President Trump chose Mick Mulvaney to lead the Consumer Financial Protection Bureau and immediately watchdogs feared it was a pick that was meant to cripple the office.

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When Mick Mulvaney was named to be head of the Consumer Financial Protection Bureau, watchdogs and bureau insiders were worried that Mulvaney's intent was to gut the agency tasked with investigating malfeasance by financial institutions. He's proving them right. Most recently, the Mulvaney-led group may be ending its investigation into Equifax, the important credit rating firm from which 143 million people's records were breached. Per Reuters: 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.

Comments

I feel safer already!
Signed,
Moneyed Interests.

#1 | Posted by snoofy at 2018-02-05 08:50 PM

OK Trump voters, how do you, your family or anyone you know by preventing the CFPB from doing its job? Did you benefit by having all your personal info revealed when Equifax acted totally irresponsibly with it? If you're a customer of Wells Fargo did you benefit when they opened credit card accounts without your knowledge and charged you fees on them? Come on geniuses, defend your President's appointees, you voted for this so defend it or admit you voted stupidly. It's ok, you also voted stupidly when Bush was appointed President, it seems to be a habit for lots of you.

#2 | Posted by danni at 2018-02-06 12:15 PM

Looking out for the working class; eh, Rubes?

#3 | Posted by e1g1 at 2018-02-07 08:44 AM

Per Reuters: 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.

Doesn't this equate to obstruction?

#4 | Posted by redlightrobot at 2018-02-07 04:26 PM

That's just Trump transferring power from Washington, D.C., and giving it back to the People.

Which, after being put through my babble fish translator, means Trump is giving the power back to the Rich People.

#5 | Posted by donnerboy at 2018-02-07 05:05 PM

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