On November 27, 2017, ICBA filed a lawsuit on behalf of all community bankers against Equifax Inc. following its recent breach of 145.5 million consumer records and 209,000 payment cards. Read more below.
Former Equifax CEO Richard Smith apologized to Congress for the credit bureau’s massive data breach and cited human and technological errors. Testifying before the House Energy and Commerce Committee, Smith said an employee failed to install a patch and a scanner failed to detect a vulnerability, which allowed the breach of consumer dispute resolution files.
Smith was testifying in the first of four congressional hearings this week, with two Senate hearings slated for today. The hearing followed Equifax’s announcement on Monday that roughly 145.5 million Americans were potentially affected by the breach, 2.5 million more than previously disclosed.
Bank of Louisiana in New Orleans last week joined with Aventa Credit Union in Colorado Springs and First Choice Federal Credit Union in New Castle, Pa., in a lawsuit against Equifax arguing that the breach will impose considerable costs related to monitoring, preventing, and responding to fraudulent charges and account openings. ICBA offers tips for community bankers on how to respond to the Equifax breach as well as a customizable letter that community banks can use to inform their customers about the breach.
Access ICBA's Equifax Resources ›