Elizabeth Warren calls for investigation into FTC for 'misleading' Equifax data breach victims
Presidential contender Sen. Elizabeth Warren wants the Federal Trade Commission's inspector general to open an investigation into the agency after it announced that victims of the Equifax data breach will get "nowhere near" the $125 compensation package originally advertised.
"The FTC has the authority to investigate and protect the public from unfair or deceptive acts or practices, including deceptive advertising," Warren wrote to Andrew Katsaros, the agency watchdog, in a"Unfortunately, it appears as though the agency itself may have misled the American public about the terms of the Equifax settlement and their ability to obtain the full reimbursement to which they are entitled," she wrote.
Warren notes that fund "would pay exactly 248,000 individuals" the full $125, "less than 1% of the 145 million individuals affected by the breach."Under the terms of the settlement, if more than 248,000 people sought compensation, the amount paid to each individual would be reduced. In one statement, published the day the settlement was announced, the FTC claimed that Equifax victims could claim "free credit monitoring OR $125 if you decide not to enroll." In an infographic that was on the FTC website until at least Aug. 6, the FTC said consumers could ''sign up for free credit monitoring for up to 10 years OR get a cash payment of $125 for credit monitoring you already have.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Elizabeth Warren and Bernie Sanders Are, Actually, Here to Make FriendsEven as their campaigns heat up, the two candidates have routinely declined to attack each other.
Read more »
Opinion | Bernie Sanders and Elizabeth Warren Will Never Forgive MeFrom WSJopinion: If I knew I wouldn’t have to pay my student debt, I’d have chosen a better school and a more interesting but less lucrative major, writes semanahte
Read more »
Jim Cramer is not worried about the yield curve, says Warren Buffett is buying bank stocksCNBC's Jim Cramer says the strength of the consumer sector and Warren Buffett's confidence in back stocks are key reasons not to overreact to the yield curve inversion.
Read more »
Warren Buffett Is a Huge Backer of U.S. BanksWarren Buffett’s Berkshire Hathaway holds nearly $100 billion in financial-services stocks, underscoring the size of the billionaire investor’s ongoing bet on the future of the U.S. economy.
Read more »
Warren wows in Iowa as candidates' sprint to caucuses beginsThe chant — "2 cents, 2 cents, 2 cents" — started in the back of a crowd that packed sidewalks at the Iowa State Fair. A night before, the Massachusetts senator enjoyed similar treatment when Democrats at a party dinner jumped to their feet — some beginning to dance — at the opening bars of
Read more »
As 2020 race heats up, growing worries Warren and Sanders will split leftist voteAt rallies at the Iowa State Fair last week, 2020 White House contenders Elizabe...
Read more »