Bank Watchdogs Asked Whether They Need Power to Regulate Equifax

A key Republican lawmaker wants to know whether U.S. bank regulators should be given more power to supervise credit-reporting companies after a massive data breach at Equifax Inc. exposed gaps in oversight.

Senate Banking Committee Chairman Mike Crapo, in a letter dated Thursday, asked the heads of the Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency whether they have or need authority to help ensure credit bureaus are adequately protecting consumers’ information.

“I am concerned there may be a gap with respect to supervision of credit reporting agencies for data security standards,” the Idaho Republican wrote to Fed Chair Janet Yellen, Acting OCC chief Keith Noreika and FDIC Chairman Martin Gruenberg.

Source: BloombergTechnology 

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