The Trump administration has reportedly slammed the brakes on a probe into the security breach at Equifax that jeopardized the personal information of over 140 million Americans.
“If you needed further proof that the Trump Administration is rigging the system to benefit the most egregious corporate actors all at the expense of hard-working Americans look no further than the administration’s decision to install Mick Mulvaney at the CFPB, Senate Minority Leader Chuck Schumer (D-N.Y.) fumed.
Mulvaney, head of the Consumer Financial Protection Bureau, quietly pulled back from a full-scale probe of the credit bureau, according to Reuters quoting people familiar with the move.
Equifax said in September that hackers stole personal data it had collected on some 143 million Americans. Richard Cordray, then the CFPB director, authorized an investigation that month, said former officials familiar with the probe, Reuters reported.
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Cordray resigned in November and was replaced by Mulvaney, President Trumps budget czar.
The CFPB effort against Equifax has sputtered since then, Reuters quoted sources as saying.
First the Trump admin gave lavish tax breaks to corporate CEOs and wealthy investors, now the Trump Administration’s hand-picked saboteur is essentially handing out get out of jail free cards to Equifax executives, Schumer said.
This decision to undermine the mission of the CFPB, at the expense of the middle class, is easily avoidable and the Administration must reverse course immediately.”
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Gov. Andrew Cuomo chimed in with his own condemnation on Twitter, writing, The @GOP will protect the interests of corporations over consumers every time.
After the Equifax breach, New York took immediate action to make credit reporting agencies register with the state and comply with our cybersecurity standards, he added. What did Congress do? Nothing.
A CFPB spokesman declined to comment to Reuters on the status of the investigation.
Reuters said Mulvaney stopped issuing subpoenas against Equifax, seeking sworn testimony from its executives, or examining how the massive breach happened.
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Mulvaney also pushed back at federal bank regulators who wanted to assist in the investigation, Reuters said.
Equifax has said it is under investigation by every state attorney general and faces more than 240 class action lawsuits, Reuters said.
The Federal Trade Commission is examining the breach and the company may still face financial penalties. The last time the FTC penalized a major credit bureau was in 2012, a $393,000 settlement with Equifax, Reuters said.
In contrast, the CFPB fined credit bureaus more than $25 million just last year for over-marketing its monitoring services, which generated monthly fees, Reuters said.