Sen. Elizabeth Warren (D-Mass.) has earned herself as being Washington's most "relentless critic" of Wall Street and she has a
new company on her sights: Equifax Inc. (NYSE: EFX).
Warren made her position
on Wells Fargo & Co (NYSE: WFC) very public after the
company's fake account opening scandal was front-and-center. Now Equifax's
massive data breach prompted Warren to introduce new legislation.
Warren on Friday will introduce a new legislation that calls for cracking down on Equifax and giving consumers additional
control over what kind of data Equifax and its peers can collect. The bill would force Equifax and its peers to freeze consumers'
credit reports for no cost and to restrict their ability to profit from data when reports are frozen, Bloomberg noted.
Consumers should also be given the ability to access their credit reports for free.
Meanwhile, Warren delivered a letter to both the Consumer Financial Protection Bureau and the Federal Trade Commission. The
letter demands information from the regulatory bodies as to how they are investigating Equifax's data breach. A separate letter was
also sent to Equifax and its peers demanding an explanation as to how the industry is responding to data breaches.
While most if not all of Warren's actions appear to be a negative for Equifax, the Republican controlled Congress likely implies
that Warren's bill won't go anywhere.
Related Links:
AT&T Comments on
Equifax Data Breach
So,
What's The Next Move For Equifax?
Image credit: By A. Shaker/VOA [Public domain]
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