Senators continue Equifax criticism during Wednesday hearings

Former Equifax CEO Richard Smith on Wednesday continued his tour on Capitol Hill to defend his previous employer’s response to a data breach that disclosed the personal financial information of more than 145 million Americans.

Smith testified first in the morning before the Senate Banking Committee, followed by an afternoon hearing with the Senate Judiciary Subcommittee on Privacy Technology and the Law. Similar to Tuesday’s experience, lawmakers quizzed Smith about the timeline of events, including who knew what details and when.

Senate Banking Member Elizabeth Warren, D-Mass., condemned Equifax’s business model, noting the firm makes money from data breaches – including its own – because more Americans then sign up for identity theft protections. She also noted that small banks and credit unions will be hurt because they’ll have to shoulder the costs of issuing new cards to members.


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