WASHINGTON–The CFPB is reportedly scaling back its probe of Equifax following the company’s massive 2017 data breach, which involved personal data it had collected on some 143 million Americans.
Prior to his resignation from the agency, former CFPB Director Richard Cordray had ordered an investigation of the credit reporting company.
Now, however, interim Director Mick Mulvaney has dialed back the investigation, according to Reuters, which reported citing three sources as saying Mulvaney has not ordered subpoenas against Equifax or sought sworn testimony from executives, which are routine steps when launching a full-scale probe. The CFPB has also shelved plans for on-the-ground tests of how Equifax protects data, Reuters said.
“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,” Reuters said.
The development comes shortly after it was announced the CFPB is also reducing its efforts to crack down on payday lenders, as CUToday.info reported here.