The Equifax settlement, struck last week between the credit reporting firm and federal regulators over a massive data breach in 2017, has triggered calls for stronger legislation and regulatory restraints to protect consumers. The breach affected approximately 147 million people, compromising their names, addresses, dates of birth and Social Security numbers. Experts at Wharton and the University of Michigan called for a more consistent legislative and regulatory approach to preventing and managing data breaches, instead of isolated responses after each hacking scandal. They also warned that regulators have to strengthen their enforcement tools as digital technology-driven nonbanking financial institutions, or shadow banks, become more prominent. In just the latest example of a large-scale hack , a Seattle software engineer was arrested July 29, accused of gaining access earlier this year to the personal information of more than 100 million Capital One customers.…