Ian McKendry

Senate Finance Committee leaders sent a letter to Equifax CEO Richard Smith scrutinizing the scope of the company's data breach and its response.

Lawmakers signaled Monday that Congress will likely have a swift and powerful response to revelations that the credit reporting company Equifax was hacked, exposing 143 million people to identity theft.

In order to compensate victims of the breach, Equifax is offering free credit monitoring services that include a mandatory arbitration clause, a measure Democrats were highlighting to lobby support for the CFPB's rule banning such clauses.

The need to raise the U.S. debt limit, pass a budget, provide relief for victims of Hurricane Harvey and enact flood insurance and tax reform will dominate the remaining legislative calendar this fall.

A credit service provider agreed to exit the industry on Wednesday after a yearlong lawsuit with the Consumer Financial Protection Bureau.

Consumer Financial Protection Bureau Director Richard Cordray said his possible political ambitions did not affect the small-dollar rule, while declining to spell out if he was running for office.

House Financial Services Committee Chairman Jeb Hensarling, R-Texas, wrote a letter to CFPB Director Richard Cordray calling on him to clarify whether he is running for political office.

The massive flooding in Texas is sure to put pressure on lawmakers to resolve differences over the National Flood Insurance Program, but a short-term extension of the program is still the most likely scenario.

Rep. Maxine Waters, D-Calif., is calling on the FDIC to hold a public hearing on SoFi's application for deposit insurance.

Republicans are already accusing CFPB Director Richard Cordray of misusing his job as a fundraising platform while many agency allies want him to stay.