Lawmakers to call for stronger protections of consumer information

Lawmakers to call for stronger protections of consumer information

Lawmakers to call for stronger protections of consumer information

In a statement to Politico, the IRS said: "Following an internal review and an on-site visit with Equifax, the IRS believes the service Equifax provided does not pose a risk to IRS data or systems". "We're here today to do what Equifax failed to do, and that's put consumers first". They're pushing several legislative measures they say will better shield consumers from potential financial harm.

In a live stream before the Digital Commerce and Consumer Protection subcommittee of the House Energy and Commerce committee, Smith testified the Struts vulnerability had been discussed when it was first announced by CERT on March 8th. "But on the plus side, you're entitled to a free credit report every time you do".

According to Equifax, only about 8,000 Canadian customers were affected as a consequent of the high-profile breach of their cyber data. "In the last three years alone we made investments approaching a quarter of a billion dollars in security".

Three days later, Warren expanded her investigation into Equifax, sending letters to the Securities and Exchange Commission, Equifax's board of directors, and the Department of Homeland Security requesting additional information.

"Equifax is trying another sleight of hand to avoid responsibility", Warren said. The bill, co-sponsored by members including Pallone and Matsui, would require companies like Equifax to secure the information and notify consumers if their information has been compromised. "You might pay a little bit more attention to security if you had to pay everybody whose account got hacked a couple thousand bucks", said Barton, a Texas Republican. Lawmakers, however, said the company's lackluster safeguards to consumer data was inadequate.

Latta oversees a House panel that is hearing from former Equifax Chairman Richard Smith. Efforts to do so in past years have run into dead ends.

Lawmakers from both parties - many of them citing anecdotes from family members, staffers or constituents who have been caught up in the breach - called for greater government oversight of the largely unregulated credit reporting industry. Representative Gene Green said that the company ought to be "shut down", comparing it to a restaurant that failed regular health inspections.

Latta says laws are already on the books that are created to ensure consumer data is secured safely.

Some Congressional committee members said it should spur stronger data protection laws and prompt the United States to rethink the role of credit agencies.

Democrats and consumer advocates disagree.

Consumer Financial Protection Bureau officials have said the agency should embed more regulators at the three largest US credit-rating firms to monitor cybersecurity - a plan endorsed Tuesday by Representative Jan Schakowsky. "We will hold them accountable".

The firm has since been slapped with multiple lawsuits and probes by a number of U.S. states, Congress and the Justice Department.

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