The fallout from the massive Equifax hack of potentially 143 million consumers’ personal information continues, with lawmakers and consumer advocates continuing to demand further action.
A bipartisan group of 37 U.S. lawmakers urged the Securities and Exchange Commission, the Department of Justice and the Federal Trade Commission Tuesday to investigate potential insider trading of Equifax securities by company executives before the breach was publicly announced on Sept. 7.
Equifax CEO Richard Smith agreed Wednesday to testify before the House Subcommittee on Digital Commerce and Consumer Protection on Oct. 3 about the breach.
The senators want the regulators to probe what they say are “disturbing reports” that senior Equifax executives sold more than $1.5 million in Equifax securities within days of the cybersecurity breach.
Reports say that Equifax “also lost control of an unspecified number of driver’s license numbers, along with the credit card numbers for 209,000 consumers and credit dispute documents for 182,000,” the senators told the SEC, DOJ and FTC.
“As part of your investigations, we request that you conduct a thorough examination of any unusual trading, including any atypical options trading, for violations of insider trading law,” the senators said in their letter.
Meanwhile, Rep. Maxine Waters, D-Calif., ranking minority member on the House Financial Services Committee, reintroduced on Wednesday her Comprehensive Consumer Credit Reporting Reform Act, which seeks to reform the U.S. credit reporting system, by, among other things, “fixing” the dispute process so that credit bureaus, not consumers, bear the burden to prove the accuracy and completeness of credit information and allowing consumers to opt out of credit bureaus holding their information.
More than 18,000 consumers have signed a Care2 petition urging Equifax to identify and inform all customers who were affected by its breach instead of demanding they investigate on their own using a “faulty website.”
Care2 states that the Equifax site is spitting out erroneous information. “Some users are reporting that they are getting different answers when entering their information multiple times. Others are reporting that they have tried inputting false information and are getting results,” the Care2 petition reads.