Market Overview

After Hounding Wells Fargo, Elizabeth Warren Hones In On Equifax

After Hounding Wells Fargo, Elizabeth Warren Hones In On Equifax

Sen. Elizabeth Warren (D-Mass.) has earned herself as being Washington's most "relentless critic" of Wall Street and she has a new company on her sights: Equifax Inc. (NYSE: EFX).

Warren made her position on Wells Fargo & Co (NYSE: WFC) very public after the company's fake account opening scandal was front-and-center. Now Equifax's massive data breach prompted Warren to introduce new legislation.

Warren on Friday will introduce a new legislation that calls for cracking down on Equifax and giving consumers additional control over what kind of data Equifax and its peers can collect. The bill would force Equifax and its peers to freeze consumers' credit reports for no cost and to restrict their ability to profit from data when reports are frozen, Bloomberg noted.

Consumers should also be given the ability to access their credit reports for free.

Meanwhile, Warren delivered a letter to both the Consumer Financial Protection Bureau and the Federal Trade Commission. The letter demands information from the regulatory bodies as to how they are investigating Equifax's data breach. A separate letter was also sent to Equifax and its peers demanding an explanation as to how the industry is responding to data breaches.

While most if not all of Warren's actions appear to be a negative for Equifax, the Republican controlled Congress likely implies that Warren's bill won't go anywhere.

Related Links:

AT&T Comments on Equifax Data Breach

So, What's The Next Move For Equifax?

Image credit: By A. Shaker/VOA [Public domain]

Posted-In: data breach Elizabeth Warren Equifax Data BreachNews Politics Legal Media General Best of Benzinga


Related Articles (EFX + WFC)

View Comments and Join the Discussion!

Oil ETFs Are Getting Interesting Again

Busted! Facebook And The Anti-Semitic Algorithm