Top Consumer Watchdog to Drop Probe into Equifax Breach

07 February, 2018, 01:10 | Author: Essie Rivera
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However, it wouldn't be a surprise if Mulvaney chose to favor the financial industry over a federal agency created to financially protect American consumers.

"The FTC is well-positioned to investigate this matter and its effect on consumers and Director Mulvaney's actions suggest that FTC may be the only independent federal agency left undertaking a thorough civil investigation".

While is it not unusual for regulators to work together - former Comptroller Thomas Curry met on a regulator basis with former CFPB Director Richard Cordray - issuing a press release about the meeting with praise for a fellow regulator is somewhat atypical.

"I have been impressed with Mick's leadership and emphasis on operational efficiency and excellence", Otting said in a statement.

Democratic lawmakers lashed out at the Consumer Financial Protection Bureau on Monday amid a report that the agency was backing off an investigation into a massive data breach at Equifax past year that exposed sensitive data about millions of people.

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I'm not aware of that but as I said it is something I am going to discuss with him and we'll take up at [the Financial Stability Oversight Council]", Mnuchin responded.ICYMI: "watch my exchange about the CFPB's handling of the investigation of the #Equifax data breach with U.S. Treasury Sec.

Although the agency is not allowed to acknowledge open investigations, three sources have come forward to Reuters about troubling details regarding the Equifax investigation.

For Republicans, who have always been critical of the CFPB, Mulvaney's efforts are a welcome change for the agency, which they say has been too aggressive.

"I haven't spoken to Director Mulvaney about it, but I will", Mnuchin said during testimony in front of the House Financial Services Committee. Professor Jeff Sovern acknowledged yesterday in the Consumer Law and Policy Blog that "the CFPB has very limited jurisdiction over the Equifax data breach, if it has any jurisdiction anyway...."

On Tuesday, Mulvaney named Kirsten Sutton Mork chief of staff for the agency. The committee's chairman, Rep. Jeb Hensarling (R-Tex.) has been one of the CFPB fiercest critics.



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