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Despite Recent Equifax Hack, Republicans Looking To Deregulate Credit Agencies

Despite the recent Equifax hack, Republicans in Congress are looking to deregulate credit agencies according to the Los Angeles Times. (Photo Credit: Gage Skidmore)

Despite the recent Equifax hack, Republicans in Congress are looking to deregulate credit agencies according to the Los Angeles Times.

Even as millions of consumers grapple with fallout from the Equifax data breach, Republican lawmakers are quietly backing legislation to deregulate credit agencies and make them even less accountable for wrongdoing. Bills are pending in Congress to limit class-action damages for violations of the Fair Credit Reporting Act and to give credit agencies more latitude in profiting from identity theft protection products.

The legislation is part of sweeping efforts by Republican lawmakers to reduce oversight of banks and other financial-services firms, and to cripple or eliminate the Consumer Financial Protection Bureau, which has notched a successful track record of holding industry players accountable for unfair and illegal practices.

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