Equifax, one of the largest credit reporting agencies in the U.S., agreed to a settlement with the Federal Trade Commission on Monday worth up to $700 million — with $425 million going directly to 150 million affected consumers — for its 2017 data breach, per AP.

Our thought bubble, via Axios' Joe Uchill: $700 million is no small payment for any company, but it does break out to less than $5 for each affected consumer. It's worth noting that had this breach taken place under the jurisdiction of current European laws, the fine could have been 2–4% of Equifax's revenue — between 10–20 times larger.

  • At a press conference announcing the settlement, the FTC directed comments to Congress, noting that while the Consumer Financial Protection Bureau and states were able to exact penalties from Equifax, the FTC currently does not have the authority to issue civil fines. The agency hopes Congress will pass comprehensive privacy legislation to address that lack of authority.

Go deeper: Equifax's stolen data hasn't surfaced

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The new buyout barons

Illustration: Eniola Odetunde/Axios

Last month I wrote that SPACs are the new IPOs. But I may have understated it, because SPACs are also becoming the new private equity.

By the numbers: Short for "special purpose acquisition company," SPACs have raised $24 billion so far in 2020, with a loaded pipeline of upcoming offerings. U.S. buyout firms raised nearly $102 billion through the end of June — a much larger amount, but not so much larger that the two can't play on the same field.

3 hours ago - World

Macron visits Beirut promising a "new political pact" for Lebanon

Macron visits the hard-hit Gemmayzeh neighborhood. Photo: AFP via Getty Images

French President Emmanuel Macron walked through the blast-damaged streets of Beirut on Thursday, swarmed by people chanting for the fall of Lebanon's government and pleading for international aid.

Why it matters: Lebanon is at a breaking point. Its economy was collapsing and its government hardly functioning — all before a massive explosion destroyed swathes of the capital city, including its vital port.

3 hours ago - Sports

The PGA Championship is golf's first major in over a year

Photo: Gary Kellner/PGA of America via Getty Images

The 2020 PGA Championship tees off Thursday at San Francisco's TPC Harding Park, which is hosting its first-ever major.

Why it matters: It's the first major in more than a year — and the first of seven majors in the next 12 months. Though there won't be any fans in attendance, the excitement is palpable.