US Consumer Protection Official Puts Equifax Probe on Ice (reuters.com)

From a report on Reuters: Mick Mulvaney, head of the Consumer Financial Protection Bureau, has pulled back from a full-scale probe of how Equifax failed to protect the personal data of millions of consumers, according to people familiar with the matter. 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. But Cordray resigned in November and was replaced by Mulvaney, President Donald Trump's budget chief. The CFPB effort against Equifax has sputtered since then, said several government and industry sources, raising questions about how Mulvaney will police a data-warehousing industry that has enormous sway over how much consumers pay to borrow money. The CFPB has the tools to examine a data breach like Equifax, said John Czwartacki, a spokesman, but the agency is not permitted to acknowledge an open investigation. "The bureau has the desire, expertise, and know-how in-house to vigorously pursue hypothetical matters such as these," he said.

Comments

CFPB?

[Anonymous Coward]

Is the CFPB even supposed to be dealing with this? Yes, Equifax is a "financial" outfit, but CFPB is about fraud and abuse in mortgages, credit cards and student loans (according to it's vaunted former director Cordray.) CFPB is now the official identity theft arm of the Federal government? This story is based on the false premise that CFPB is supposed to be investigating this.

Re:Big news!

[brickhouse98]

He's at least consistent. Hasn't he appointed someone who has the express goal of destroying whatever they are heading? EPA, education, etc.

How ot works in Belgium

[houghi]

In Belgium we haver the National Bank (BNB) who hold all information of all credits. I am just goig to talk about personal credits, not proffesional credits as I do not have enough knowledge about that.

If you go to a bank or credit company or car dealer ship or store and want to open a credit or loan, there will be some things that they will need to verify:
1) Are you of legal age
2) Do you live in Belgium officially
3) Are you on the BNB blacklist
4) Will you be able to pay back.

So the first time you go, there will be nothing on the BNB and if your income - your cost of living (rent , clothing and food) leaves sufficient room for a credit or loan, you get one.
e.g you make 1000EUR. Rent is 500 and cost of living is 500, no loan. You make 1250, you could get a loan up to 250EUR per month in payback.
Say you take one of 100EUR. the next one will be a max of 150EUR.
Yes, cheating is possible. It is called fraud, so nothing to do with any of this.
If the customer is unable to pay (this includes going in red for more than 3 montths with your bank account) you will be on the black list for 1 year starting from the moment you have paid back the amount you are behind, regardless if you have enough. That means no loan, no new car, no house you can buy.

Every company that gives loand has to check this. If you give a loan to a person on the blacklist, he does not have to pay it back. you can ask nicely, but if there is a loss, it will be 100% on the company. If you give a loan of somebody who clearly could not pay it back, you will be 100% resposible if they don't. (Fraud is something different)

Every bank does this. That mean that every bank must be able to see the needed (not wanted) information. So what does e bank see?
1) The number of kredits
2) Type (e.g credit, loan, ...)
3) The monthly payment if the total amount is used
4) The total amount
5) Blacklisting due to late mpayments more than 3 months.

What do they NOT see?
1) The name of the other companies
2) Late payments less than 3 months.

Each person has the possibilaty to ask the information and they will get the names of the company.

This obviously works over secure Internet. So even IF people would get the database, the things you can do with it are pretty limited. As a company we already have access. If you are not a compamy who does loand, you are unable to do anything with it.