In the wake of the recent Equifax data breach in which hackers were able to obtain personal information of an estimated 143 million American consumers, Gov. Cuomo announced last week that the state Department of Financial Services (DFS) will issue new regulations that will require consumer credit reporting agencies to register with the state, and will subject them to the state’s cybersecurity rules that were put in place for banks and insurance companies.

The proposed regulation will give the DFS oversight of credit reporting agencies, including the authority to deny and potentially revoke a consumer credit reporting agency’s authorization to do business with New York’s regulated financial institutions and consumers if the agency is found to be out of compliance with certain prohibited practices, including engaging in unfair, deceptive or predatory practices.