PROVIDENCE – The Independent Community Bankers of America is seeking compensation to all community banks harmed by the recent data breach of Equifax Inc.
Last week, the community bank trade group filed a lawsuit against the credit agency in U.S. District Court for the Northern District of Georgia.
“ICBA and the nation’s community banks are deeply troubled by the massive and preventable data breach at Equifax and its impact on community banks, consumers, small business and the economy,” said Camden R. Fine, ICBA president and CEO, in a statement.
Equifax, one of the largest credit agencies, reported a breach of about 145.5 million consumers and 209,000 payment cards. Sensitive information, birthdays and Social Security numbers were compromised in what turned out to be one of the largest data breaches of its kind.
ICBA is one of several groups to take legal action against the credit agency, which has scrambled to mitigate the potential impact the breach could have on its customers.
The trade group seeks funds from Equifax to cover any costs incurred for several reasons, including protective measures to deter community identity theft, deposit and loan account fraud, customer notification and more.
The suit also calls for Equifax to improve its security.
“[The] lawsuit demands remedial action because Equifax needs to be held accountable for this massive and preventable catastrophic event,” Fine added.
Eli Sherman is a PBN staff writer. Email him at Sherman@PBN.com, or follow him on Twitter @Eli_Sherman.
