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Equifax Reaches Historic $575 Million Settlement Agreement Arising from 2017 Data Breach

By Kim Phan, Philip N. Yannella & Katie Morehead on July 23, 2019

Posted in Data Security, Regulatory and Enforcement

Equifax has agreed to pay $575 million to settle consumer as well as state and federal regulatory claims for its 2017 data breach. This is the largest data breach settlement to date.

2017 Data Breach

At the federal level, the FTC and CFPB both filed complaints against Equifax. The FTC complaint alleges Equifax was aware of a security vulnerability in a database containing consumer inquiries about their personal credit data.… Continue Reading

Pennsylvania AG creates Consumer Financial Protection Unit

By Barbara S. Mishkin on July 24, 2017

Posted in Regulatory and Enforcement, State Enforcement

Pennsylvania’s Attorney General, Josh Shapiro, announced last Friday that his office is creating a Consumer Financial Protection Unit “to better protect Pennsylvania consumers from financial scams.”

The announcement indicated that the new Unit “will focus on lenders that prey on seniors, families with students, and military service members, including for-profit colleges and mortgage and student loan servicers.” … Continue Reading