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Covington's Andrew Smith Testifies Before Senate Committee On Credit Reporting and Data Security

October 19, 2017

WASHINGTON—Covington partner Andrew Smith testified on Tuesday before the Senate Committee on Banking, Housing, and Urban Affairs at a hearing entitled, “Consumer Data Security and the Credit Bureaus.” Mr. Smith appeared on behalf of the Consumer Data Industry Association to discuss the nationwide credit reporting system and data security procedures enacted to safeguard consumers’ information.

Mr. Smith served as the representative of the credit reporting industry at this hearing, which focused on potential legislative responses to the Equifax security incident.

“Our credit reporting system today is the envy of the world. It is a key reason why we have such a diverse base of lenders, in contrast to the financial systems of other developed nations,” testified Mr. Smith. “Our system also provides a disproportionate benefit to smaller financial institutions like community banks and credit unions, who have access to accurate and complete data on par with what very large banks have access to. Our financial system works because companies share critical information across the system to benefit everyone.” 

Mr. Smith’s complete testimony can be found here.

 

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