The Consumer Financial Protection Bureau's investigation into the data breach at Equifax that affected more than 140 million consumers has "sputtered" since Office of Management and Budget chief Mick Mulvaney took over.
Reuters reported Monday that sources close to the investigation say Mulvaney hasn’t requested subpoenas against the credit monitoring company or asked for sworn testimony from Equifax’s top officials, moves that should be typical under a major investigation.
The CFPB has also put on hold plans to conduct on-site tests to examine how Equifax protects its data, and has rejected requests from regulators at other agencies to help.
A spokesman for the CFPB told Reuters the agency can’t acknowledge whether it has an open investigation into Equifax.
“The bureau has the desire, expertise, and know-how-in-house to vigorously pursue hypothetical matters such as these,” said CFPB spokesman John Czwartacki.
Former CFPB Director Richard Cordray authorized an investigation into the credit monitoring company after it disclosed the data breach in September. But Cordray left his post at the agency in November.
The Federal Trade Commission is also investigating Equifax and could levy fines against the company.
Senate Minority Leader Chuck Schumer, D-N.Y., criticized the CFPB for moving too slowly on the Equifax probe.
“First the Trump administration gave lavish tax breaks to corporate CEOs and wealthy investors, now the Trump administration’s hand-picked saboteur is essentially handing out get out of jail free cards to Equifax executives after the company failed to protect the sensitive personal information of millions of Americans,” Schumer said in a statement. “This decision to undermine the mission of the CFPB, at the expense of the middle class, is appalling and the administration must reverse course immediately.”
