WASHINGTON–Thirty-one Democratic senators and one independent senator have sent a letter to CFPB acting director Mick Mulvaney asking if reports are true that the agency has stopped its investigation of Equifax over its massive data breach.
The letter followed news first reported by Reuters that suggested the Equifax probe had stalled within the agency. According to the Reuters report, Mulvaney has neither ordered subpoenas against Equifax nor collected any sworn testimony from company executives. In addition, Reuters reported that reviews of how Equifax protects its data and on-site cybersecurity exams of other credit bureaus – which the Federal Reserve, Federal Deposit Insurance Corp and Office of the Comptroller of the Currency all offered to assist with – have been put on hold.
In their letter, which can be found here, the senators expressed concerns over the reports and said the CFPB has a duty to not only investigate the breach but to bring action against Equifax if deemed necessary.
"Consumer reporting agencies and the data they collect play a central role in consumers' access to credit and the fair and competitive pricing of that credit," the letter states. "Therefore, the CFPB has a duty to supervise consumer reporting agencies, investigate how this breach has or will harm consumers and bring enforcement actions as necessary."
The letter, which in addition to Mulvaney is also addressed to Deputy Director Leandra English, asks whether the probe has been halted and if so, why and under whose direction.
The senators have requested a response by Feb. 19.