Block One Capital has signed a binding term sheet to acquire 40% of the equity of Finzat, a private entity aiming to develop a blockchain system to create a safer, more compliant digital mortgage process.
The trade group wants Equifax to reimburse community banks for costs tied to the massive data breach at the credit bureau this year. The ICBA also wants a court to order Equifax to improve its security measures.
Equifax continues work to add new security features and restore full access to The Work Number following a report highlighting potential security vulnerabilities in a browser-based portal of its employment verification service.
The nonbinding guidance, which followed a nearly yearlong inquiry about industry practices, said consumers should have greater ability to obtain information about their financial data, among other principles.
Rep. Patrick McHenry, R-N.C., plans to reintroduce legislation requiring the IRS to fast-track income verification, which proponents say could reduce the financial industry's dependence on credit bureaus.
Equifax observed an increasingly well-worn ritual of scandal-ridden firms by jettisoning CEO Richard Smith: apologize, promise to do better in the future, and sacrifice your top executive in the hopes it will ward off action by Congress and regulators.