U.S. senator on Equifax hack: 'Somebody needs to go to jail'

[Olde Hornet]

A republican Hours Representative was defending corporate America against the "evils" of the consumer protection board, but its hurting corporate America. Like all the crap at wells fargo, its bad to go after them, its hurting business. I cant wait to hear his defense of Equifax. He was on CBS Sunday morning. See article in next post.


https://www.yahoo.com/tech/u-senator-equifax-hack-somebody-needs-jail-143600593--finance.html

WASHINGTON (Reuters) - A U.S. senator on Tuesday called for a criminal investigation of executives from credit bureau Equifax Inc for stock sales after a massive data breach this summer, and said their actions were comparable to insider trading.

The breach, which the company learned about in July but did not acknowledge until this month, also prompted expressions of concern from U.S. Treasury Secretary Steven Mnuchin and the Federal Trade Commission. Cyber security experts believe it is one of the largest data hacks ever disclosed.

Senator Heidi Heitkamp, a Democrat who sits on the Senate Banking Committee, said it was "disturbing" that it appeared executives sold nearly $2 million worth of company stock in the time between learning of a sweeping hacker intrusion and making it public.

"If that happened, somebody needs to go to jail," Heitkamp said at a credit union industry conference in Washington. "It's a problem when people can act with impunity with no consequences. How is that not insider trading?"

 

[Olde Hornet]

https://www.cbsnews.com/news/richard-cordray-consumer-financial-protection-bureau/

In less than six years, Cordray has turned the fledgling agency into a regulatory powerhouse, rewriting lending regulations and bringing enforcement actions against some of the biggest financial institutions in the country, including Wells Fargo, Citibank and Bank of America.

But some members of Congress say Cordray has gone too far.

"We now have one unelected, one unaccountable individual who essentially gets to determine what mortgages we have, what credit cards we have, bank loans we get," the Republican chairman of the House Financial Services Committee, Texas Rep. Jeb Hensarling, said. "In a democracy, no one person should have that much power."

 

[Olde Hornet]

This is BS - it should be all 3 companies and for life, given the depth of the hack that they allowed!

Equifax says that it will waive credit freeze fees for 30 days

https://www.yahoo.com/finance/news/equifax-says-waive-credit-freeze-164806460.html

In response to public outrage over its ongoing bungled response, Equifax stated on Twitter that it will waive credit freeze fees for 30 days. With so much personal data running around out there in the wild, credit freezes are one of the only things that those affected by the Equifax breach can do to protect themselves. Equifax's existing offer of free credit monitoring for one year is just salt in the wound considering that social security numbers are good for life.