Democratic Senators urge Trump administration to resume Equifax probe

https://www.reuters.com/article/us-usa-equifax-cfpb-lawmakers/senators-urge-trump-administration-to-resume-equifax-probe-idUSKBN1FP2EI

Patrick Rucker
Feb. 5, 2018

Democratic senators and consumer advocates on Monday urged the Trump administration to resume an investigation into how Equifax failed to protect the personal data of millions of consumers after Reuters reported that the head of the U.S. consumer watchdog has pulled back on the existing probe.

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Reuters reported that Mick Mulvaney, head of the Consumer Financial Protection Bureau (CFPB), has dialed back the investigation begun by his predecessor, Richard Cordray.

Specifically, sources said Mulvaney has held back from ordering subpoenas against Equifax - a routine step in launching a full-scale probe. Meanwhile, the CFPB has shelved plans for on-the-ground tests of how Equifax protects data, an idea backed by Cordray.

The CFPB also recently rebuffed bank regulators at the Federal Reserve, the Federal Deposit Insurance Corp and the Office of the Comptroller of the Currency when they offered to help with on-site examinations of credit bureaus, said two sources familiar with the matter.

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