Elizabeth Warren and Elijah Cummings are calling for expanded government authority to police consumer credit reporting agencies
-- as she fleshes out a presidential campaign defined by themes of consumer protection and stronger government oversight.Warren and Rep. Elijah Cummings have released a report from a government watchdog looking at the security practices of the consumer credit reporting agencies, or CRAs, finding that their defenses are inadequate and calling for expanded government authority to police the sector.
"The Equifax breach revealed major gaps in how CRAs protect and use consumers' private information, and the report we released today confirms that vulnerabilities still exist," Warren and Cummings said in a statement.The Federal Trade Commission, the nation's principal consumer protection agency, is hamstrung in its ability to police the industry, the Government Accountability Office found.
Additionally, the report notes that the Consumer Financial Protection Bureau, an agency created following the Wall Street collapse and derived largely from a blueprint developed by Warren, has a role in overseeing CRAs. But the CFPB isn't always able to identify the firms that come under its jurisdiction, the GAO found.
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