State push for tougher credit agency regs

ALBANY — In the wake of the Equifax security breach, the Cuomo administration on Monday proposed tougher regulations for credit reporting agencies.

Under the proposed rules, credit reporting agencies would be required to follow the same consumer protection standards the state already mandates for banks and insurance companies.

Equifax and other credit reporting companies like Experian and TransUnion would be required to register for the first time with the state Department of Financial Services by Feb. 1 and reregister on an annual basis.

The department could deny a renewal if a company or those associated with it were deemed “not trustworthy and competent to act as or in connection with a consumer credit reporting agency,” according to the proposal.

The firms would also be required to comply with the state’s cybersecurity standards.

“The Equifax breach was a wakeup call, and with this action, New York is raising the bar for consumer protections that we hope will be replicated across the nation,” Gov. Cuomo said.