Maxine Waters is proposing a consumer-friendly overhaul of the credit-reporting industry
that exposed the Social Security numbers, birth dates and other private data for nearly 150 million people, Waters has released a discussion draft of a bill that she said would fix the system.
Waters has been pushing the legislation for several years and had tried unsuccessfully to get all three CEOs to testify before the committee when she was in the House minority. “It could negatively affect a lender’s ability to assess risk and … it has the risk of increasing consumers’ access to credit,” Boundy said of the proposals.
He expressed his “personal regret” for the 2017 breach and said he appeared before the committee “because we recognize there are things we can do better.” Jaret Seiberg, an analyst with brokerage and investment bank Cowen & Co., said the hearing reinforced the firm’s view that the new Congress was likely to act.
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