Equifax's Massive Breach Tests Trump and Capitol Hill

The transcript discusses the Equifax data breach and its implications on regulation, highlighting the conflict between increased regulation and the Trump administration's deregulation agenda. It explains the roles of the CFPB and FTC in overseeing credit agencies like Equifax. The response from Equifax, including offering free credit monitoring, faced backlash due to initial terms that waived consumers' rights to join class action lawsuits. The breach has complicated legislative efforts to overturn a CFPB arbitration rule, which aims to make it easier for consumers to sue financial institutions.

What is one of the main policy issues highlighted by the Equifax data breach?

• The requirement for more consumer spending

• The importance of reducing credit scores

• The necessity for increased cybersecurity regulations

• The need for more consumer data collection

Which agency is primarily responsible for supervising Equifax?

• Federal Reserve

• Office of the Comptroller of the Currency

• Consumer Financial Protection Bureau

• Securities and Exchange Commission

What authority does the FTC have concerning credit agencies like Equifax?

• To regulate interest rates

• To enforce consumer protection laws

• To set credit scores

• To manage consumer spending

What was a major criticism of Equifax's initial response to the data breach?

• They increased credit monitoring fees

• They required consumers to waive their right to join a class action lawsuit

• They refused to notify affected consumers

• They offered no credit monitoring services

What legislative challenge did the Equifax data breach exacerbate?

• The effort to increase credit scores

• The attempt to change arbitration rules

• The drive to reduce cybersecurity measures

• The push for more consumer spending