State, Federal Authorities Proposing New Rules On Equifax

State, Federal Authorities Proposing New Rules On Equifax

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State and federal authorities are proposing tougher regulations against Equifax and the entire credit monitoring industry after the company announced that personal information like Social Security numbers of about 143 million Americans was exposed.

This is on top of the lawsuits already filed against Equifax by state attorneys general, and a multitude of lawsuits filed that are seeking class action status.

Here’s the latest on the breach:

NEW YORK CLAMPS DOWN

New York Gov. Andrew Cuomo is proposing new state regulations for credit reporting agencies. The Democratic governor announced Monday that he’s directed the state Department of Financial Services to issue new rules requiring credit reporting agencies to register in New York for the first time and to comply with the state’s cybersecurity standards.

The proposal would require Equifax and similar firms to adhere to the same consumer protection rules the state imposes on banks and insurance companies.

Credit bureaus like Equifax are lightly regulated compared to other parts of the financial system.

DEMOCRATS WANT MORE REGULATIONS