Governor Cuomo Says That Credit Agencies Should Be Required To Register With The State

By Insurance Business

New York Gov. Andrew Cuomo has announced plans to require all credit-reporting agencies to register with the state and comply with its cyber security regulations.

The announcement comes in the wake of a titanic data breach at Equifax – a breach which exposed the personal information of up to 143 million consumers. The proposed regulation would take effect in February, according to a Reuters report. If credit-reporting agencies didn’t comply, they could be prohibited from doing business with financial companies regulated by the state of New York.

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According to Cuomo, credit-reporting agencies – including Equifax, TransUnion and Experian – would have to report each year their officers or directors responsible for regulatory compliance, Reuters reported. New York would also be able to bar a credit agency from doing business in the state if the agency was engaging in “unfair, deceptive or predatory practices,” Cuomo’s statement said.

“The Equifax breach was a wakeup call, and with this action, New York is raising the bar for consumer protections that we hope will be replicated across the nation,” Cuomo said. Read More

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