From: Albany Times-Union
Cuomo issues credit reporting regulation in wake of Equifax breach
Department of Financial Services rule would require credit reporting agencies to register with the state
By Matthew Hamilton
ALBANY — Gov. Andrew Cuomo’s administration on Monday proposed a new rule that would require credit reporting agencies to register with the state, subjecting them to strict cybersecurity standards in the wake of the recent Equifax hack.
The regulation from the state Department of Financial Services, which will be subject to a public comment period before it can be adopted, would mandate that consumer credit reporting agencies register with the state by Feb. 1 and re-register on an annual basis after that. The DFS superintendent would have the authority to deny a registration renewal if the applicant or its members or top executives are “not trustworthy and competent to act as or in connection with a consumer credit reporting agency”or fail to comply with any minimum standards, according to the Cuomo administration.
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