As part of the CFPB’s crusade against junk fees, CFPB Director, Rohit Chopra addressed credit report fees in prepared remarks at the Mortgage Bankers Association’s Secondary & Capital Markets Conference & Expo 2024. While Director Chopra began his remarks by commenting on the increasing cost of mortgage loan transactions, stating that both consumers and lenders are negatively affected, he focused most of his remarks on the increasing costs of obtaining consumer credit reports.… Continue Reading
Equifax
Mnuchin to discuss Equifax data breach with FSOC
By Barbara S. Mishkin on
Posted in Data Security, Regulatory and Enforcement
Appearing before the House Financial Services Committee yesterday at a hearing entitled “The Annual Report of the Financial Stability Oversight Council” (FSOC), Treasury Secretary Mnuchin indicated that he intends to discuss the CFPB’s handling of its investigation of Equifax’s massive 2017 data breach with the FSOC.
We blogged yesterday about Reuters’ report that that the CFPB’s investigation has sputtered since it was authorized by former CFPB Director Cordray shortly after Equifax revealed the data breach. … Continue Reading
CFPB reportedly puts investigation of Equifax on ice while other government agencies press forward
By Alan S. Kaplinsky on
Posted in Cybersecurity, Regulatory and Enforcement
Equifax announced on September 7, 2017 a massive data breach affecting an estimated 143 million consumers. Richard Cordray, the then Director of the CFPB, shortly thereafter authorized an investigation according to several media reports. Reuters reported yesterday that the investigation sputtered since then, according to several government and industry sources. That is not surprising since there is substantial doubt as to whether the CFPB has enforcement jurisdiction over data breaches. … Continue Reading