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
State regulators and the CFPB actively find ways to work together as for successful regulatory oversight, especially when it comes to the consumer finance industry. Here is an example.
Aug 6, 2020
Blog post
The OCC should rescind portions of its proposed rule on the activities and operations of national banks related to non-branch offices, state regulators said in a comment letter.
Aug 3, 2020
Blog post
What will the economic recovery look like this time? CSBS Senior Economist Tom Siems looks at past recessions and recoveries to consider a path foward.
Aug 3, 2020
Blog post
CSBS's Tom Siems and Nathan Ross reflect on the legacy of Milton Friedman, born 108 years ago today.
Jul 31, 2020
exit