Democrats want penalties for breaches at credit reporting agencies

Senators Mark Warner and Elizabeth Warren.
Senators Mark Warner and Elizabeth Warren. Photo: T.J. Kirkpatrick / Bloomberg via Getty Images

Sens. Elizabeth Warren and Mark Warner introduced a bill today that would allow the Federal Trade Commission to slap penalties on credit reporting agencies (CRAs), like Equifax, when they have inadequate cybersecurity, when their data is breached, and when they don’t report those breaches in a timely manner. It also includes measures to compensate consumers whose data is compromised.

Why it matters: Equifax’s massive breach, announced last September, compromised over 145 million Americans’ personal identifying information, including Social Security Numbers, credit card numbers, and driver’s license numbers.