Will New Congress Oversee Credit Bureaus More?

MoneyTips

After the 2017 announcement of the Equifax data breach that potentially compromised the personal information of almost 150 million consumers, you'd probably expect Congress to take significant action to prevent future breaches. To date, you'd be wrong – but that may change with a Democratic House eager to address consumer protection issues.

The Consumer Financial Protection Bureau (CFPB) has authority to review credit reporting agencies (CRAs) like Equifax, including assessing their ability to handle data breaches. The Trump administration has shown little interest in regulating the credit reporting agencies (although, in fairness, Obama administration oversight didn't raise sufficient alarm bells, either).

Legislative efforts didn't fare any better. Shortly after the breach announcement, Rep. Maxine Waters (D-CA) introduced the Comprehensive Consumer Credit Rep...

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