Skip to main content

State Regulators Enter into Consent Order with Equifax

Today, eight state financial regulators entered into a consent order with Equifax, Inc. The order addresses serious deficiencies in the company’s cybersecurity program that resulted in the breach of personal data of almost 150 million consumers last year. 

The consent order can be read here. Announcements from individual states: California, New York, North Carolina, Texas.

Key facts:

  • Financial regulators from eight states led the action. The states represented are: Alabama, California, Georgia, Maine, Massachusetts, New York, North Carolina and Texas. 

  • The consent order arose from a joint examination these regulators performed of the company.

  • In the consent order, Equifax agreed to dramatically improve how it protects personally identifiable information. The company will undertake a restructuring of its risk management processes, strengthening of internal controls and processes, and enhanced oversight by the Board of Directors on the information security program.

  • The corrective actions will apply to Equifax’s operations nationwide.

  • Compliance with the consent order will be subject to regulator approval. Follow-up reports are required from the company.

  • The consent order preserves the right of individual states to bring additional actions.

Recent Blog Posts

Blog post
FDIC, FHA nominees confirmed. In progress: CFPB, Federal Reserve Board, Ginnie Mae, Office of Financial Research, SEC.
Jul 20, 2018
Blog post
The public debate wages on in the effort to shape laws and regulation that can better protect personal consumer data widely used in many financial transactions today
Jul 13, 2018
Blog post
The Arizona Department of Financial Institutions achieved accreditation by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for its mortgage regulatory program. 
Jul 12, 2018
Blog post
Loretta Mester will deliver the opening keynote at the 6th annual community banking research and policy conference in October
Jun 25, 2018