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 are the main regulatory agencies overseeing Equifax and other credit agencies?

How does the regulation of credit agencies differ from that of banks?

What was the public reaction to Equifax's response to the data breach?

What changes did Equifax make in response to the backlash regarding their credit monitoring service?

What legislative efforts are being discussed in relation to arbitration rules and consumer rights?