US Consumer Financial Protection Bureau Scales Back on Equifax Probe

Feb 5, 2018

This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. Terms apply to the offers listed on this page. For an explanation of our Advertising Policy, visit this page.

The US Consumer Financial Protection Bureau has pulled back on an investigation into how Equifax failed to protect the personal data of around 143 million American consumers in September 2017. Reuters is reporting exclusively, citing people familiar with the matter, that Mick Mulvaney, the head of the CFPB, has essentially put the probe on ice.

When Equifax said in September that it had been hacked, then-CFPB director Richard Cordray authorized an investigation by the bureau. In November, Cordray resigned from his position and was replaced by Mulvaney, President Trump’s budget chief. Since Mulvaney’s appointment, sources familiar with the matter say, the probe has halted.

Office of Management and Budget Director Mick Mulvaney speaks to press during a briefing on the government shutdown, in the James S. Brady Press Briefing Room of the White House in Washington, D.C., on Saturday, January 20, 2018. (Photo by Cheriss May) (Photo by Cheriss May/NurPhoto via Getty Images)
Mick Mulvaney. Image by Cheriss May/NurPhoto via Getty Images.

According to three sources, Mulvaney has not ordered subpoenas against Equifax, nor has he sought any sworn testimony from the company’s executives — normal steps the bureau typically takes when launching a full-scale probe. Plus, the CFPB has suspended its plans for on-the-ground tests of how Equifax protects consumer data.

In addition, the CFPB reportedly rejected help from the Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency in on-site exams of the credit bureaus.

While Cordray was at the head of the CFPB, the bureau and the Federal Trade Commission agreed to work together on the Equifax inquiry. However, since then, only the FTC has issued a subpoena — something both agencies have the power to do.

Equifax said that it can’t comment on open investigations.

The CFPB’s scaling back of the investigation into the Equifax breach could mean that the credit rating agency responsible for the hack could potentially get away with it without any investigation by the bureau set to protect American consumers. That being said, Equifax is still under investigation by every state attorney general in the country, and the company faces more than 240 class action lawsuits.

In the aftermath of the Equifax hack, the company is now regarded as one of the most hated companies in the US.

Featured image by Jaap Arriens/NurPhoto via Getty Images.

Delta SkyMiles® Platinum American Express Card

Earn 50,000 bonus miles and 5,000 Medallion® Qualification Miles (MQMs) after you spend $2,000 in purchases on your new card in your first three months of card membership. Plus, earn up to $100 back in statement credits for eligible purchases at U.S. restaurants with your card within the first 3 months of membership.

With Status Boost™, earn 10,000 Medallion Qualification Miles (MQMs) after you spend $25,000 in purchases on your Card in a calendar year, up to two times per year getting you closer to Medallion Status. Earn 3X Miles on Delta purchases and purchases made directly with hotels, 2X Miles at restaurants and at U.S. supermarkets and earn 1X Mile on all other eligible purchases. Terms Apply.

Apply Now
More Things to Know
  • Earn 50,000 bonus miles and 5,000 Medallion® Qualification Miles (MQMs) after you spend $2,000 in purchases on your new Card in your first 3 months.
  • Plus, earn up to $100 back in statement credits for eligible purchases at US restaurants with your card within the first 3 months of membership.
  • Accelerate your path to Medallion Status, with Status Boost®. Plus, in 2021 you can earn even more bonus Medallion® Qualification Miles (MQMs) to help you reach Medallion Status.
  • Earn 3X Miles on Delta purchases and purchases made directly with hotels.
  • Earn 2X Miles at restaurants worldwide, including takeout and delivery and at U.S. supermarkets.
  • Earn 1X Miles on all other eligible purchases.
  • Receive a Domestic Main Cabin round-trip companion certificate each year upon renewal of your Card. *Payment of the government imposed taxes and fees of no more than $75 for roundtrip domestic flights (for itineraries with up to four flight segments) is required. Baggage charges and other restrictions apply. See terms and conditions for details.
  • Enjoy your first checked bag free on Delta flights.
  • Fee Credit for Global Entry or TSA Pre✓®.
  • Enjoy an exclusive rate of $39 per person per visit to enter the Delta Sky Club® for you and up to two guests when traveling on a Delta flight.
  • No Foreign Transaction Fees.
  • $250 Annual Fee.
  • Terms Apply.
  • See Rates & Fees
Regular APR
15.74%-24.74% Variable
Annual Fee
$250
Balance Transfer Fee
N/A
Recommended Credit
Excellent/Good
Terms and restrictions apply. See rates & fees.

Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.