The Conference of State Bank Supervisors (CSBS) maintains is encouraging Congressional oversight with regard to data breaches and protection measures.
CSBS officials said Congress has an important role to perform in ensuring consumer data is protected in financial transactions.
“We are pleased that Chairmen Cummings and Krishnamoorthi are holding congressional hearings on data breach protections and demonstrating their leadership in forcing action to protect consumers,” John Ryan, CSBS president and CEO, said. “State regulators already have taken up this challenge and look forward to supporting the chairmen and other Members of Congress in ensuring a safe and sound financial system for the United States.”
Ryan noted in a formal statement to the House Oversight Subcommittee on Economic and Consumer Policy that in June 2018 eight state financial regulators entered into a consent order with Equifax, who mishandled the personal data of almost 150 million consumers – with Alabama, California, Georgia, Maine, Massachusetts, New York, North Carolina and Texas being represented.
The CSBS said the consent order stemmed from a joint examination regulators performed of the company, addressing serious deficiencies in the company’s cybersecurity program.
Equifax agreed to improve how it protects personally identifiable information, officials said, noting the company is undertaking a plan to restructure risk management processes, strengthen internal controls and enhance oversight by its Board of Directors.