The United States’ top consumer watchdog aka the Consumer Financial Protection Bureau (CFPB) seemingly wants to drop the probe into Equifax’s massive data breach that exposed the personal data of over 145 million Americans.
After the Equifax hack, which is one of the worst in the country’s history, the White House promised to look into it. However, “government and industry sources” told Reuters that that is no longer true as CFPB’s interim head, Mick Mulvaney, decided not to seek testimony from the credit agency’s executives or issue subpoenas.
- CFPB has reportedly renounced plans to test the agency’s revamped methods of keeping customer data safe, as well.
- The bureau refused to comment on the revelations, it only said that it was “looking into” the breach and the agency’s “response” to it.
- “Reports to the contrary are incorrect,” CFPB said.
However, it wouldn’t be a surprise if Mulvaney decided to favor the financial industry over a federal agency designed to financially protect American consumers. The National Assn. of Consumer Advocates thinks that the CFPB is yet again going the wrong way when it comes to doing its job.
CFPB Trying to ‘Sabotage’ the Bureau
The Center for Responsible Lending confirmed that the bureau’s interim chief is currently trying to “sabotage” the agency. CRL called for another CFPB director that should put people’s interest at heart.
President Donald Trump is not a fan of the consumer watchdog either. So, it is no wonder that he appointed Mulvaney at its helm. Mulvaney once said that the bureau is a “sick, sad joke” since business interests should come first.
Some of the “changes” Mulvaney brought include dropping a lawsuit filed by the agency against several shark lenders who failed to tell their clients that the annual interest rate for the money they got was 1,000%. Also, the agency now wants to “reconsider” the federal rules that placed an oversight on the payday loan industry and car title loans.
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