Equifax Expecting Punishment from CFPB and FTC Over Massive Data Breach
In its latest SEC filings, Equifax anticipates various forms of punishment from the Consumer Financial Protection Bureau and the Federal Trade Commission over the credit reporting agency’s massive data breach that exposed the personal information of 148 million U.S. consumers to hackers.
Both agencies have notified the company that they expect to seek “injunctive relief damages” in regards to the data breach. The CFPB also plans to seek “civil money penalties.”
The fact that the CFPB is seeking to fine the company represents a shift from the bureau’s recent actions in the case. Interim CFPB director Mick Mulvaney had pulled back from investigating the breach, drawing criticism from Democratic Senators, particularly Elizabeth Warren (D-MA).
