Cuomo announces new regulations to tighten consumer protection after Equifax data breach
Gov. Cuomo on Tuesday ordered additional state oversight of consumer credit monitoring agencies following last summer’s data breach at Equifax.
Cuomo directed the Department of State to enact new regulations that would, among other steps, require credit reporting agencies to respond within 10 days to any inquiry made by the state’s Division of Consumer Protection on behalf of consumers.
Credit reporting agencies would also be required to disclose to the state all fees associated with their identity theft protection products.
“The current status quo of allowing consumers to be penalized for having their data breached is unacceptable, and with the addition of these new protections, this administration will hold agencies accountable and help protect New Yorkers and their financial future,” Cuomo said.