Government watchdog calls for more CFPB, FTC authority over credit bureaus

Source: Ben Lane, HousingWire (Paid Registration)

Equifax may be expecting sanctions from both the Consumer Financial Protection Bureau and the Federal Trade Commission over the credit reporting agency’s massive data breach that exposed the personal information of 148 million U.S. consumers to hackers, but the Government Accountability Office released a report this week that recommends that the CFPB and the FTC be given increased authority over Equifax, Transunion, Experian, and any other credit reporting agencies.

Specifically, the GAO calls for the FTC to given more authority by Congress to levy financial penalties against credit reporting agencies for neglecting to protect consumers’ financial data.

Read Full Article: Government watchdog calls for more CFPB, FTC authority over credit bureaus

 

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