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Home›Saving Investment›Equifax pushed for simpler regulation forward of information breach

Equifax pushed for simpler regulation forward of information breach

By Mary Jenkins
March 11, 2021
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Equifax Inc. lobbied lawmakers and federal companies to ease the regulation of credit score reporting firms within the months main as much as its huge information breach.

Equifax spent at the least $ 500,000 lobbying Congress and federal regulators within the first half of 2017, based on its congressional lobbying-disclosure studies. Among the many points he lobbied on was the limitation of the authorized legal responsibility of fast loans reporting firms.

This subject is the topic of a invoice {that a} group of the Home Monetary Providers Fee, which oversees the business, mentioned on the identical day that Equifax disclosed the cyberattack that thXposed private monetary information of as many as 143 million People.

Equifax has additionally lobbied Congress and regulatory companies on points regarding “information safety and breach notification” and “data sharing on cybersecurity threats,” based on its lobbying revelations.

The quantity Equifax spent within the first half of this yr seems to match earlier spending. In 2016 and 2015, studies from the corporate present that it spent $ 1.1 million and $ 1.02 million, respectively, on lobbying actions. Whereas the corporate had broadly comparable lobbying points over time, the problem of accountability was new in 2017.

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