Senator Crapo Questions Regulator Oversight of Credit Reporting Firms

Posted October 17, 2017

On Oct. 12, 2017, Senate Banking Committee Chairman, Mike Crapo (R-Idaho) sent a letter to heads of the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) expressing concern regarding the level of oversight of credit-reporting firms such as Equifax. He asked if the regulators had the technical capabilities to oversee these firms’ practices in cybersecurity and consumer data protection, in an effort to understand if the agencies "have the authority, or should have the authority" to do so. He also questioned if credit-reporting firms “help ensure the safety and soundness” of financial institutions.
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