FTC says Equifax settlement highlights need for civil fines authority; stronger enforcement plans underway

The Federal Trade Commission today announced Equifax will pay up to $700 million to consumers and the government under a settlement related to the 2017 hack at the consumer credit rating agency, while FTC Chairman Joseph Simons said the case underscores the need for new civil-fines authority at the commission.

But the FTC isn’t simply waiting on lawmakers to provide statutory authority, Simons signaled, as the commission implements significant structural reforms in its enforcement orders, including paving the way for...