{"id":58274,"date":"2018-02-07T11:52:12","date_gmt":"2018-02-07T11:52:12","guid":{"rendered":"https:\/\/www.biphoo.com\/bipnews\/?p=58274"},"modified":"2018-02-07T11:52:12","modified_gmt":"2018-02-07T11:52:12","slug":"treasurys-mnuchin-says-he-wants-answers-on-equifax-breach","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/business\/treasurys-mnuchin-says-he-wants-answers-on-equifax-breach.html","title":{"rendered":"Treasury&#8217;s Mnuchin says he wants answers on Equifax breach"},"content":{"rendered":"<h2 style=\"text-align: justify\"><span style=\"font-size: 18pt\"><strong><span style=\"font-family: Arial, Helvetica, sans-serif;color: #000000\">Treasury&#8217;s Mnuchin says he wants answers on Equifax breach<\/span><\/strong><\/span><\/h2>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">U.S. Treasury Secretary Steven Mnuchin on Tuesday said he wants to know how the Consumer Financial Protection Bureau is handling a probe into a hack of credit bureau Equifax Inc (EFX.N) after a report that the agency\u2019s chief has pulled back from investigating the matter.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">Equifax disclosed in September that hackers had stolen personal data it had collected on some 143 million Americans.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">On Monday, Reuters reported that the acting chief of the Consumer Financial Protection Bureau (CFPB), Mick Mulvaney, had put the brakes on the agency\u2019s Equifax investigation.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">\u201cI haven\u2019t spoken to Director Mulvaney about it but I will,\u201d Mnuchin told the House of Representatives Financial Services Committee. \u201cIt is something I am going to discuss with him.\u201d<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">On Tuesday, the CFPB said it was examining the Equifax breach but declined to give details.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">\u201cActing Director Mulvaney takes data security issues very seriously,\u201d CFPB spokesman John Czwartacki said in a statement. \u201cThe CFPB is working with our partners across government on Equifax\u2019s data breach.\u201d<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">Reuters, citing people familiar with the matter, reported on Monday that while the CFPB has an open investigation into Equifax, Mulvaney has reined in the work begun by his predecessor, Richard Cordray.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">Mulvaney has not ordered subpoenas against Equifax or sought sworn testimony from executives, routine steps in a full-scale probe, the sources said. They said the CFPB has shelved plans for on-the-ground tests of how Equifax protects data, an idea backed by Cordray.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">The CFPB also recently rebuffed bank regulators at the Federal Reserve, Federal Deposit Insurance Corp and Office of the Comptroller of the Currency when they offered to help with on-site exams of credit bureaus, the sources said.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">Republican President Donald Trump\u2019s administration has sought to curb the power of the CFPB, which was created under his Democratic predecessor Barack Obama to protect consumers from financial industry abuses. The agency has been criticized fiercely by the industry.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">Mulvaney has sought no new operating funds for the agency, opting instead to finance a slimmed-down budget by shrinking a reserve fund established by Cordray.<\/span><\/p>\n<p><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 8pt\">Source:-\u00a0https:\/\/www.reuters.com\/article\/us-equifax-cfpb-congress\/treasurys-mnuchin-says-he-wants-answers-on-equifax-breach-idUSKBN1FQ2M2<\/span><\/p>\n<div class=\"fb-background-color\">\n\t\t\t  <div \n\t\t\t  \tclass = \"fb-comments\" \n\t\t\t  \tdata-href = \"https:\/\/www.biphoo.com\/bipnews\/business\/treasurys-mnuchin-says-he-wants-answers-on-equifax-breach.html\"\n\t\t\t  \tdata-numposts = \"10\"\n\t\t\t  \tdata-lazy = \"true\"\n\t\t\t\tdata-colorscheme = \"light\"\n\t\t\t\tdata-order-by = \"social\"\n\t\t\t\tdata-mobile=true>\n\t\t\t  <\/div><\/div>\n\t\t  <style>\n\t\t    .fb-background-color {\n\t\t\t\tbackground: #ffffff !important;\n\t\t\t}\n\t\t\t.fb_iframe_widget_fluid_desktop iframe {\n\t\t\t    width: 630px !important;\n\t\t\t}\n\t\t  <\/style>\n\t\t  ","protected":false},"excerpt":{"rendered":"<p>Treasury&#8217;s Mnuchin says he wants answers on Equifax breach U.S. Treasury Secretary Steven Mnuchin on Tuesday said he wants to know how the Consumer Financial Protection Bureau is handling a probe into a hack of credit bureau Equifax Inc (EFX.N) after a report that the agency\u2019s chief has pulled back [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":58275,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[117626,117627,117628,118639],"class_list":["post-58274","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-business-news-today","tag-business-news-today-usa","tag-local-business-news","tag-treasurys-mnuchin-says-he-wants-answers-on-equifax-breach"],"_links":{"self":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts\/58274","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/comments?post=58274"}],"version-history":[{"count":0,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts\/58274\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/media\/58275"}],"wp:attachment":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/media?parent=58274"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/categories?post=58274"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/tags?post=58274"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}