Does the CFPB’s Putting the Equifax Probe on Ice Matter?

by Jeff Sovern

The answer to the question is that I'm not sure it does. Brian reported earlier today that Reuters is saying that the CFPB has put its Equifax probe on ice. But Reuters also reports that Equifax says it is under investigation by every state AG, that the FTC is investigating, and that in excess of 240 class actions have been filed against Equifax. In addition, as we previously reported, the CFPB has very limited jurisdiction over the Equifax data breach, if it has any jurisdiction at all.  All that suggests that the CFPB would not have been a big player in an investigation anyway, and that others are on the job. But one thought makes me hesitate to say it doesn't matter at all: I don't think former director Cordray would have opened an investigation unless the Bureau had jurisdiction over some aspect of the matter and there was at least a possibility that the Bureau could have contributed something useful.  For now though, I'm more inclined to worry about the other damaging changes Mulvaney is making at the CFPB. And sadly, there are far too many of those.


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