Report that CFPB Could Use UDAAP Powers House Has Voted to Repeal Against Equifax

by Jeff Sovern

Reuters has a report here.  Excerpt:

The U.S. consumer finance watchdog agency is expected to punish Equifax for its cyber breach with the wide-ranging powers it has used with Wall Street, former agency officials and lawyers said this week.

The credit-reporting company is subject to five federal laws governing listed companies, the use of public data and the fair treatment of customers, and the Federal Trade Commission and the Department of Justice are examining the hacking theft of personal information on up to 143 million people.

I haven't looked into the matter of whether the CFPB's UDAAP powers (the power to act against consumer financial institutions which commit unfair, deceptive, or abusive acts) extend to Equifax yet myself, and so found the remainder of the article instructive.  Both the House-passed Financial Choice Act and the House-passed appropriations bill would repeal the Bureau's UDAAP powers.


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