Data security

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.

Recently exposed security vulnerabilities in an Equifax tool used extensively in the mortgage industry are raising new questions about the reliability and veracity of the beleaguered credit bureau's employment verification service.

The legislative response to the Equifax breach is increasingly bipartisan, but will congressional proposals actually reduce the threat to consumers?

Fannie Mae and Freddie Mac were not affected by a hacking incident against the accounting giant Deloitte, the companies said Tuesday, after a British newspaper alleged a server containing emails from government agencies was compromised.

CFPB Director Richard Cordray is using the Equifax breach to suggest the CFPB be given power to examine credit reporting agencies for potential cybersecurity lapses.

Richard Smith came to Capitol Hill this week to speak about the massive breach at Equifax, but it was clear Tuesday that he will be defending the entire credit reporting industry.

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.

Inevitably, Equifax’s CEO Richard Smith has left his post. For the credit bureau's sake, let's hope it has a long-term plan that's better than promoting from within.

Richard Smith has resigned from the embattled Atlanta credit reporting company and will be replaced by Paulino do Rego Barros Jr., a seven-year company veteran. Board member Mark Feidler, a former telecom executive, was named nonexecutive chairman.