Pixel Envy

Written by Nick Heer.

Reuters: CFPB Investigation Into Equifax ‘Put on Ice’

Patrick Rucker, Reuters:

The CFPB has the tools to examine a data breach like Equifax, said John Czwartacki, a spokesman, but the agency is not permitted to acknowledge an open investigation. “The bureau has the desire, expertise, and know-how in-house to vigorously pursue hypothetical matters such as these,” he said.

Three sources say, though, Mulvaney, the new CFPB chief, has not ordered subpoenas against Equifax or sought sworn testimony from executives, routine steps when launching a full-scale probe. Meanwhile the CFPB has shelved plans for on-the-ground tests of how Equifax protects data, an idea backed by Cordray.

The CFPB also recently rebuffed bank regulators at the Federal Reserve, Federal Deposit Insurance Corp and Office of the Comptroller of the Currency when they offered to help with on-site exams of credit bureaus, said two sources familiar with the matter.

An investigation of this size and scope will, of course, take lots of time and may not always take a linear direction, but there should never be a question about whether it is proceeding at all. Consumers should never have to wonder whether the Bureau is operating in their best interests, especially given the impact of the Equifax breach on virtually every American adult with a credit card, mortgage, or car.