Capitol Report: Congresswoman asks Equifax CEO for his personal data as s…









A tense exchange at a Capitol Hill hearing on credit reporting was generating buzz on Tuesday.

California Democratic Rep. Katie Porter kicked off the back-and-forth with the CEO of Equifax Inc., which is still engaged in legal battles tied to its 2017 data breach that affected about 148 million customers.

“My question for you is whether you would be willing to share today your social security, your birthdate and your address at this public hearing,” the freshman lawmaker said.

“I would be a bit uncomfortable doing that, congresswoman. If you would so oblige me, I’d prefer not to,” said Equifax














EFX, +0.51%












 CEO Mark Begor. “It’s sensitive information that I like to protect, and I think consumers should protect theirs.”

Porter, who is on leave from her job as a law professor at the University of California Irvine, then asked him what he’s worried about.

“I’d be concerned about identity theft. I’m actually a victim of identity theft. It happened three times in the last 10 years to me” Begor said.

Porter pounced: “If you agree that exposing this kind of information — information like that that you have in your credit reports — creates harm, therefore you’re unwilling to share it, why are your lawyers arguing in federal court that there was no injury and no harm created by your data breach?”

Begor responded that it’s “hard for me to comment on what our lawyers are doing,” but the congresswoman told him: “You do employ those lawyers.”

The exchange came at a House Financial Services Committee hearing that featured the three main credit bureaus — Equifax, Experian














EXPN, -2.33%













EXPGY, -0.99%












 and TransUnion














TRU, -1.26%












 .

The hearing was aimed at “repairing the nation’s broken credit reporting system and holding the major consumer credit bureaus accountable,” said California Democratic Rep. Maxine Waters, who chairs the committee, in her prepared remarks. She promised a fresh legislative push to reform the sector.

“We need to ask whether the system is so beyond repair that we need to completely rebuild the entire consumer credit reporting sector to truly put consumers first,” Waters said.

Equifax’s stock rose 0.5% on Tuesday, while TransUnion fell 1.3%, Experian’s U.S.-listed shares shed 1%, and the S&P 500 dipped 0.1%.



























Victor Reklaitis is MarketWatch’s Money & Politics reporter and is based in Washington, D.C. Follow him on Twitter @VicRek.


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Elliott Wave View: Downside Pressure in EURGBP

EURGBP shows a sequence of lower low from August 29, 2017 high, suggesting further downside is likely. The bounce to 0.9105 on January 3, 2019 high ended wave (2). From there, pair declines as a double three Elliott Wave structure where wave W ended at 0.8615 and wave X ended at 0.884. Pair still needs to break below wave W at 0.8615 to confirm that the next leg lower in wave Y has started. Until then, a double correction in wave X still can not be ruled out.

The internal of wave W unfolded as a zigzag Elliot Wave structure. Down from 0.9105, wave ((a)) of W ended at 0.8874, wave ((b)) of W ended at 0.8985 and wave ((c)) of W ended at 0.8615. The bounce in wave X unfolded as a double three structure in lesser degree where wave ((w)) ended at 0.8821, wave ((x)) ended at 0.8727, and wave ((y)) ended at 0.884. Wave Y is currently in progress as a double three structure. Near term, expect pair to extend lower towards 0.846 – 0.853 area to end wave ((w)) of Y, then it should bounce in wave ((x)) of Y before the decline resumes.

4 Hour EURGBP Elliott Wave Chart

Elliott Wave sequence in EURGBP favors more downside with a 5 swing sequence

Elliott Wave View: Downside Pressure in EURGBP

EURGBP shows a sequence of lower low from August 29, 2017 high, suggesting further downside is likely. The bounce to 0.9105 on January 3, 2019 high ended wave (2). From there, pair declines as a double three Elliott Wave structure where wave W ended at 0.8615 and wave X ended at 0.884. Pair still needs to break below wave W at 0.8615 to confirm that the next leg lower in wave Y has started. Until then, a double correction in wave X still can not be ruled out.

The internal of wave W unfolded as a zigzag Elliot Wave structure. Down from 0.9105, wave ((a)) of W ended at 0.8874, wave ((b)) of W ended at 0.8985 and wave ((c)) of W ended at 0.8615. The bounce in wave X unfolded as a double three structure in lesser degree where wave ((w)) ended at 0.8821, wave ((x)) ended at 0.8727, and wave ((y)) ended at 0.884. Wave Y is currently in progress as a double three structure. Near term, expect pair to extend lower towards 0.846 – 0.853 area to end wave ((w)) of Y, then it should bounce in wave ((x)) of Y before the decline resumes.

4 Hour EURGBP Elliott Wave Chart

Elliott Wave sequence in EURGBP favors more downside with a 5 swing sequence

EU Forex Brokers Will Soon Flock to South Africa and Here’s Why

Forex brokers in the European Union are having a terrible time right now. The looming Brexit conditions, the overwhelming pressure from ESMA and the general state of affairs have really tanked their performances. However, out of all of those reasons, ESMA restrictions are probably the largest problems.

Because of restrictions on CFD trading, a complete ban on Binary trading, restrictions on trade benefits, profits have decreased dramatically. In addition to that, the brokers are struggling to attract new customers as the marketing and sale of CFD and Forex products are also restricted. It’s ok to rely on your already existing customer base, but that as well, will soon be gone, therefore those brokers needed a place to flee to.

Safe Haven of South Africa

South Africa is becoming a real hub for Forex brokers, as Forex trading activities are becoming more and more popular there. The country is already able to host quite a substantial amount of foreign companies, according to this best South African Forex brokers list, where companies like XM and Markets.com are mentioned. The financial regulator in the country, FSCA is also a module of financial institutions in Africa and a force to be reckoned with. Therefore these brokers have a guarantee that no scams will be their direct competitors.

But sheer popularity of the Forex market can’t determine an ideal place to flee to can it? Well, you’re right about that. The South African market is quite small, it’s somewhere around 56 million people, and judging by the number of traders and the number of brokers, it would be hard to truly conquer it. The reason why it is such a popular destination is that it has an English speaking population, has sophisticated financial institutions and is in close proximity of the EU time zones, which helps brokers avoid a complete allocation of their staff.

The same can be said about Australia and New Zealand, they both have sophisticated financial institutions and English speaking populations, but they are a completely different story. For example, a license with the ASIC (Australia’s financial regulator) could cost way too much, plus the time zones are way off, so allocation of the general staff will be required. New Zealand is just way to small to even bother with, sure they can open up a branch there, but transfering the HQ to the island is unrealistic. Therfore South Africa is what remains as the primary destination for these brokers.

Soon enough, we will be able to see some exclusive deals for South African Forex traders, judging by the number of applications the FSCA has been receiving from EU brokers for a license.

EU Forex Brokers Will Soon Flock to South Africa and Here’s Why

Forex brokers in the European Union are having a terrible time right now. The looming Brexit conditions, the overwhelming pressure from ESMA and the general state of affairs have really tanked their performances. However, out of all of those reasons, ESMA restrictions are probably the largest problems.

Because of restrictions on CFD trading, a complete ban on Binary trading, restrictions on trade benefits, profits have decreased dramatically. In addition to that, the brokers are struggling to attract new customers as the marketing and sale of CFD and Forex products are also restricted. It’s ok to rely on your already existing customer base, but that as well, will soon be gone, therefore those brokers needed a place to flee to.

Safe Haven of South Africa

South Africa is becoming a real hub for Forex brokers, as Forex trading activities are becoming more and more popular there. The country is already able to host quite a substantial amount of foreign companies, according to this best South African Forex brokers list, where companies like XM and Markets.com are mentioned. The financial regulator in the country, FSCA is also a module of financial institutions in Africa and a force to be reckoned with. Therefore these brokers have a guarantee that no scams will be their direct competitors.

But sheer popularity of the Forex market can’t determine an ideal place to flee to can it? Well, you’re right about that. The South African market is quite small, it’s somewhere around 56 million people, and judging by the number of traders and the number of brokers, it would be hard to truly conquer it. The reason why it is such a popular destination is that it has an English speaking population, has sophisticated financial institutions and is in close proximity of the EU time zones, which helps brokers avoid a complete allocation of their staff.

The same can be said about Australia and New Zealand, they both have sophisticated financial institutions and English speaking populations, but they are a completely different story. For example, a license with the ASIC (Australia’s financial regulator) could cost way too much, plus the time zones are way off, so allocation of the general staff will be required. New Zealand is just way to small to even bother with, sure they can open up a branch there, but transfering the HQ to the island is unrealistic. Therfore South Africa is what remains as the primary destination for these brokers.

Soon enough, we will be able to see some exclusive deals for South African Forex traders, judging by the number of applications the FSCA has been receiving from EU brokers for a license.

USDCAD Daily Analysis – February 26, 2019

USDCAD is facing the resistance of the falling trend line on the 4-hour chart. As long as the trend line resistance holds, the bounce from 1.3112 could be treated as consolidation for the downtrend from 1.3339, another fall towards 1.3000 is still possible after the consolidation. Key resistance is at 1.3241, only a break of this level could signal completion of the downtrend.

USDCAD 4-hour chart

USDCAD Daily Analysis – February 26, 2019

USDCAD is facing the resistance of the falling trend line on the 4-hour chart. As long as the trend line resistance holds, the bounce from 1.3112 could be treated as consolidation for the downtrend from 1.3339, another fall towards 1.3000 is still possible after the consolidation. Key resistance is at 1.3241, only a break of this level could signal completion of the downtrend.

USDCAD 4-hour chart

USDJPY Daily Analysis – February 26, 2019

After touching 111.12 resistance, USDJPY pulled back into the trading range between 110.25 and 111.12, suggesting that lengthier consolidation for the uptrend from 108.49 is needed. However, as long as 110.25 support holds, one more rise towards 112.00 is still possible. Only a breakdown below 110.25 support could bring the price back to 109.00 area.

USDJPY 4-hour chart

USDJPY Daily Analysis – February 26, 2019

After touching 111.12 resistance, USDJPY pulled back into the trading range between 110.25 and 111.12, suggesting that lengthier consolidation for the uptrend from 108.49 is needed. However, as long as 110.25 support holds, one more rise towards 112.00 is still possible. Only a breakdown below 110.25 support could bring the price back to 109.00 area.

USDJPY 4-hour chart