Received this e-mail today from former Attorney General and Consumer Financial Protection Bureau director, Richard Cordray’s (D. OH) gubernatorial campaign:
When news broke last fall that the credit company Equifax failed to protect the data of more than 143 million consumers, I authorized the Consumer Financial Protection Bureau to work with other federal agencies to investigate the company's gross malpractice. Equifax neglected to secure your most valuable data, and I believed it was essential to get justice for all those hurt by this unprecedented breach.
Now, I am disturbed that President Trump's hand-picked appointee to lead the Bureau is stonewalling this important investigation and refusing to work with other agencies to address how consumers remain vulnerable to further mass data breaches.
Equifax exposed nearly half the country to irreparable damage to their finances and their economic future. These consumers did everything right, working for years to secure good credit, only to find it compromised by the company's negligence. They deserve answers.
Equifax was shockingly reckless with Americans' private information, from credit cards to drivers licenses to Social Security numbers. And when they discovered the data breach — months before the public did — they attempted to cover it up. Some of their top executives even sold their stock and made millions while the breach was hushed up.
The job of the CFPB is to protect consumers and enforce the law. The government has a duty to hold Equifax accountable, but the Trump administration seems to be writing the company a get-out-of-jail-free card. It even recently awarded the company a multi-million dollar contract for fraud protection.
Equifax should be investigated, not rewarded. And without a full investigation, we may never truly understand the extent of Equifax's negligence — or be able to prevent the next catastrophic breach. That is simply unacceptable.
Yours,
Rich Cordray