The rule includes specific language that companies will need to use if they include an arbitration clause in a new contract.
If shareholders can plausibly allege that Equifax insiders delayed disclosure of the data breach to dump shares, they will sail past any defense motion to toss their case before they're entitled to discovery. As a result, the personal information of 78.8 million insured customers was stolen. They are, he said, "the plumbing of our financial system".
Brown said he was pleased that Equifax removed a forced arbitration clause from the free credit monitoring and identity protection service it offered customers whose data was compromised.
Dozens of potential class-action lawsuits have been filed, Congress has revved up hearings on the breach, and two legislators have promised bills targeting the credit reporting industry. Sherrod Brown (D-Ohio) said. If your information was compromised, it does not mean your identity was stolen.
Below is a roundup of other reactions from in and around Washington.
In the fallout of the Equifax breach, consumers are told to consider placing a credit freeze on their files. Financial expert Rachel Langlois explains the importance of monitoring your credit reports. "If you receive a call asking for information, to give your credit card number, or something like that don't do it because they're not going to contact you". Rohit Chopra, once an assistant director at the Consumer Financial Protection Bureau and now a senior fellow at the Consumer Federation of America, recently told The New York Times, "You can not fire the three credit bureaus". That protected them from losing money when Equifax stock plunged last week.
Equifax has data on more than 820 million consumers and 91 million businesses across the world, Reuters reported.
"Usually a breach of this magnitude, what happens is this information is too hot for anyone to touch", he said. Equifax. Verizon. Yahoo. eBay.
"Hackers are resourceful criminals who are constantly looking to exploit any vulnerabilities, and I encourage everyone to educate themselves about how to best protect their personal information", he said.
The letter asked for a uniform national law to replace existing state laws, reasonable data security standards, Federal Trade Commission enforcement, and a requirement that all breached entities be obligated to notify consumers when they suffer a breach of sensitive information that creates a risk of identity theft or financial harm.
What should you do if you've been unable to place a credit freeze online?
People hear about scams and ID theft and that those who obtain your information can fraudulently open credit cards.