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News & Current Events Discuss US Senator Warren introduces Equifax bill; launches industry probe at the General Forum; WASHINGTON, Sept 15 (Reuters) - U.S. Senator Elizabeth Warren said on Friday she has begun an investigation into Equifax's massive ...

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Old 09-16-2017, 03:26 AM
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Default US Senator Warren introduces Equifax bill; launches industry probe

WASHINGTON, Sept 15 (Reuters) - U.S. Senator Elizabeth Warren said on Friday she has begun an investigation into Equifax's massive data breach and, along with 11 other Democratic senators, will introduce a bill to give consumers the ability to freeze their credit for free.

Warren, who has built a reputation as a champion of consumers and often challenges the finance industry, also wrote letters to Equifax and its rival credit monitoring agencies TransUnion and Experian, federal regulators, and the Government Accountability Office for information to see if new federal legislation was needed to protect consumers.

"I am troubled by this attack - described as 'one of the largest risks to personally sensitive information in recent years' - and by the fact that it represents the third recent instance of a data breach of Equifax or its subsidiaries that has endangered American's personal information," she wrote in a letter to Equifax chairman and chief executive Richard Smith.

Warren, the top Democrat on the Senate Subcommittee for Financial Institutions and Consumer Protection, said the proposed bill would stop companies like Equifax from charging consumers for freezing and unfreezing access to their credit files. A credit freeze restricts access to an individualís credit report, which can stop account fraud when thieves apply for credit using another person's information.

Equifax, which creates individual credit reports used by lenders to assess a consumer's creditworthiness, has come under intense pressure from senators and members of the House in recent days for what has been described as a slow, inadequate and confusing response to the hack.

Investors have dumped its stock as a result, driving it down 32 percent since the company disclosed the hack on Sept. 7.

BROADER CHANGES

The attention from Senator Warren and potential legislative action increases the chances the data leak could lead to broader industry changes and increased regulatory scrutiny longer term.

Equifax, which disclosed the breach more than a month after it learned of it on July 29, said at the time that thieves may have stolen the personal information of 143 million Americans in one of the largest hacks ever.

In her letters to the regulatory agencies, Warren also raised questions regarding the overall regulatory framework for credit report agencies, which are not subject to the same levels of intense scrutiny as consumer financial firms such as mortgage lenders or credit card providers, raising the prospect they could become more tightly supervised in future.

The Consumer Financial Protection Bureau (CFPB), the countryís top consumer watchdog created in the wake of the 2007-08 global financial crisis, provides some oversight of credit reporting agencies. It brought enforcement actions against Equifax and TransUnion earlier this year for misstating the cost and usefulness of the scores they provide, but it does not intensively monitor the companies.

In her letter to the CFPB, which is under attack by Republicans who believe it is already too powerful, Warren asked if the agency has 'adequate statutory authority to regulate credit reporting agencies and protect consumers" and solicited the CFPB's feedback on what other powers it might require to better regulate them.

At least three bills were introduced on Thursday in response to the hack. Four Democratic senators, including Ed Markey of Massachusetts, sponsored legislation that would require Equifax and other data brokers be held accountable for errors.

https://www.yahoo.com/finance/news/u...100002356.html
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Old 09-16-2017, 09:10 AM
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Default Re: US Senator Warren introduces Equifax bill; launches industry probe

Well now I feel safe.
A Senator launched an investigation and proposed a Bill with the purpose to locking barn doors after the horses got loose.
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Old 09-16-2017, 09:38 AM
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Default Re: US Senator Warren introduces Equifax bill; launches industry probe

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Originally Posted by Bat View Post
Well now I feel safe.
A Senator launched an investigation and proposed a Bill with the purpose to locking barn doors after the horses got loose.
Oh it's much more than that. Warren wrote a letter to her protege the Consumer Credit Commissar with his army of 350 bureaucrats in his palatial new offices asking if he needs more laws expanding his power. Any guesses as to his response?

Of course rich, entitled politicians like Elizabeth Warren are untroubled by raising the cost of credit for ordinarily folk. They are just doing it for our "protection."
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Old 09-16-2017, 09:47 AM
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Default Re: US Senator Warren introduces Equifax bill; launches industry probe

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Originally Posted by Mikeyy View Post
WASHINGTON, Sept 15 (Reuters) - U.S. Senator Elizabeth Warren said on Friday she has begun an investigation into Equifax's massive data breach and, along with 11 other Democratic senators, will introduce a bill to give consumers the ability to freeze their credit for free.

Warren, who has built a reputation as a champion of consumers and often challenges the finance industry, also wrote letters to Equifax and its rival credit monitoring agencies TransUnion and Experian, federal regulators, and the Government Accountability Office for information to see if new federal legislation was needed to protect consumers.

"I am troubled by this attack - described as 'one of the largest risks to personally sensitive information in recent years' - and by the fact that it represents the third recent instance of a data breach of Equifax or its subsidiaries that has endangered American's personal information," she wrote in a letter to Equifax chairman and chief executive Richard Smith.

Warren, the top Democrat on the Senate Subcommittee for Financial Institutions and Consumer Protection, said the proposed bill would stop companies like Equifax from charging consumers for freezing and unfreezing access to their credit files. A credit freeze restricts access to an individualís credit report, which can stop account fraud when thieves apply for credit using another person's information.

Equifax, which creates individual credit reports used by lenders to assess a consumer's creditworthiness, has come under intense pressure from senators and members of the House in recent days for what has been described as a slow, inadequate and confusing response to the hack.

Investors have dumped its stock as a result, driving it down 32 percent since the company disclosed the hack on Sept. 7.

BROADER CHANGES

The attention from Senator Warren and potential legislative action increases the chances the data leak could lead to broader industry changes and increased regulatory scrutiny longer term.

Equifax, which disclosed the breach more than a month after it learned of it on July 29, said at the time that thieves may have stolen the personal information of 143 million Americans in one of the largest hacks ever.

In her letters to the regulatory agencies, Warren also raised questions regarding the overall regulatory framework for credit report agencies, which are not subject to the same levels of intense scrutiny as consumer financial firms such as mortgage lenders or credit card providers, raising the prospect they could become more tightly supervised in future.

The Consumer Financial Protection Bureau (CFPB), the countryís top consumer watchdog created in the wake of the 2007-08 global financial crisis, provides some oversight of credit reporting agencies. It brought enforcement actions against Equifax and TransUnion earlier this year for misstating the cost and usefulness of the scores they provide, but it does not intensively monitor the companies.

In her letter to the CFPB, which is under attack by Republicans who believe it is already too powerful, Warren asked if the agency has 'adequate statutory authority to regulate credit reporting agencies and protect consumers" and solicited the CFPB's feedback on what other powers it might require to better regulate them.

At least three bills were introduced on Thursday in response to the hack. Four Democratic senators, including Ed Markey of Massachusetts, sponsored legislation that would require Equifax and other data brokers be held accountable for errors.

https://www.yahoo.com/finance/news/u...100002356.html
increased regulatory scrutiny longer term.

The bottom line.

Injun' Liz never met a regulation she didn't like.

Unless it had something to do with verifying the minority status when hiring perfessors.
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Old 09-16-2017, 10:04 AM
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Default Re: US Senator Warren introduces Equifax bill; launches industry probe

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Originally Posted by Bat View Post
Well now I feel safe.
A Senator launched an investigation and proposed a Bill with the purpose to locking barn doors after the horses got loose.
And the right did what exactly? They would like to loosen regulations that caused the last bubble and crash. They are also still trying to repeal and replace the ACA. The right has been in charge of the government now for a long time. Is America great again. lol
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Old 09-16-2017, 10:04 AM
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Default Re: US Senator Warren introduces Equifax bill; launches industry probe

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increased regulatory scrutiny longer term.

The bottom line.

Injun' Liz never met a regulation she didn't like.

Unless it had something to do with verifying the minority status when hiring perfessors.
I think she is kind of opposed voter ID/proof also.
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Old 09-16-2017, 10:09 AM
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Default Re: US Senator Warren introduces Equifax bill; launches industry probe

So I see jimbo is doing more name calling and that both of you have decided to oppose her bill because?
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Old 09-16-2017, 10:11 AM
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Default Re: US Senator Warren introduces Equifax bill; launches industry probe

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And the right did what exactly? They would like to loosen regulations that caused the last bubble and crash. They are also still trying to repeal and replace the ACA. The right has been in charge of the government now for a long time. Is America great again. lol
My statement wasn't "right" or "left". It was a statement about crap government officials reacting after the fact. Not governing leadership, but merely reacting.
Try to put your partisan opinion in the waste receptical where it belongs.
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Old 09-16-2017, 10:13 AM
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Default Re: US Senator Warren introduces Equifax bill; launches industry probe

I have been hoping someone with the consumers side would do something about these agencies. I had something on my credit rating that was false and it took years to get it off of two of these companies records on me. All that time I had to pay a higher price to borrow. Nobody to turn to and they have the power to mess with your life. We need the help of congress. The free market can't address these credit agencies.
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Old 09-16-2017, 10:16 AM
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Default Re: US Senator Warren introduces Equifax bill; launches industry probe

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My statement wasn't "right" or "left". It was a statement about crap government officials reacting after the fact. Not governing leadership, but merely reacting.
Try to put your partisan opinion in the waste receptical where it belongs.
It gets boring seeing people always react negatively simply out of partisanship. I am happy someone is trying to do something. Jimbo goes into the old partisan bs with Injun liz crap.
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