While Republicans have argued that the Consumer Financial Protection Bureau's oversight is too broad and needs to be dialed back, Director Richard Cordray is using the Equifax data breach to float the idea of expanded agency authority over the credit reporting bureaus.

The CFPB is the only regulator with supervisory examination authority over Equifax, Experian and TransUnion, which were designated in 2012 as "larger participants" in the credit reporting market. But the primary regulator in charge of enforcing cybersecurity standards of nonbanks is the Federal Trade Commission, which lacks direct supervisory authority.

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