TransUnion: Squeezing Juice from a 20-Year Regulatory Drought
April 21, 2022
I believe everything I read on the Internet. Some things I believe a whole lot, even though the information may be shaded. Navigate to “Feds sue TransUnion, Calling It Unwilling or Incapable of Operating Lawfully.” I noted this passage:
TransUnion tricked people into recurring payments after previously being fined for the activity, the consumer watchdog agency said…
The company’s position echoes the emissions from some high-technology firms:
TransUnion dismissed the claims as “meritless,” saying the allegations “in no way reflect the consumer-first approach we take to managing of our businesses.”
Let’s not regulate or let the financial information sector self regulate. Both are great ideas.
Now let’s think about a government which can manage a large firm operating within its borders. The allegation is that the estimable TransUnion ignored guidelines, suggestions, and rules. Why? Maybe too expensive or just annoying bureaucratic clap trap?
Several observations:
- What other firms have adopted the TransUnion approach to treating their customers in a fair and ethical way?
- Does the US government see the irony of a commercial enterprise doing what it wants and then having the government sue the company so that it modifies its behavior?
- Will TransUnion modify its executive incentive program and make obeying the guidelines, suggestions, and rules of a federal agency important?
I can answer all three questions. My answer: Nope.
Stephen E Arnold, April 21, 2022
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