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00:00:01
>> The US Consumer Financial Protection Bureau may have pulled back from investigating last year's massive Equifax data breach. A matter of months after a new head was appointed by the Trump Administration. Three sources familiar with the matter told Reuters that routine steps in the probe set up during the Obama White House have been put on ice under Mick Mulvaney.
00:00:22
Patrick Rucker is on the story.>> When the Equifax scandal broke in September, the head of the cfpb Richard Cordray, started an investigation. And he envisioned working with the bank regulators to try to do some exams of Equifax and the other credit bureaus. In a normal investigation, there'd be subpoenas.
00:00:40
Now, our sources tell us that essentially nothing's happening to advance this investigation.>> The sources say that the cfpb has also shelved plans to do practical tests over how Equifax protects its data, and its dropped offers of help from other agencies. To contrast, Equifax is under investigation by every single state Attorney General over the breach that compromised some 143 million Americans, millions more overseas.
00:01:10
They're facing over 240 class action suits. Separately, the Federal Trade Commission's also investigating. But historically, they've levied much smaller penalties against credit bureaus for infractions.>> Mick Mulvaney is a loyal aide and friend to President Trump, that's fair to say. And what's his view on that agency? Well, he said it often goes too far.
00:01:31
He says thatit stands in the way of commerce. He says that it can step on and raise the cost for borrowers because of all the pressure and scrutiny they put on banks. So his position is, less regulation the better. The question is who's got the biggest guns, who's got the most authority?
00:01:45
The cfpb has proven that they have that leverage but they're, at this point, refusing to use it.>> The cfpb investigation is technically still open but the bureau refused to comment on what, if any, progress had been made.