CFPB, FTC officials cite flaws in credit bureau accountability

Numerous financial trade organizations and members of Congress have advocated for federal regulators to hold credit reporting bureaus accountable for the security of vast amounts of personal information in their possession.

Peggy Twohig of the Consumer Financial Protection Bureau and Maneesha Mithal of the Federal Trade Commission (FTC) said their agencies want to focus more attention on credit reporting agencies while testifying before the Senate Banking Committee, but noted that the bureau could not enforce against data breaches and the FTC could not hand out civil penalties to violators.

Find out what both agency officials had to say about the matter of holding credit reporting agencies accountable when breaches occur.