In the March 2023 issue of Consumer Compliance Supervisory Highlights, the FDIC discusses consumer compliance issues identified by its examiners during supervisory activities conducted in 2022 involving referral arrangements,...more
On March 20, 2023, the CFPB published a final rule in the Federal Register that makes non-substantive corrections and updates to CFPB and other federal agency contact information found in various regulations, including the...more
The CFPB issued a new report, “Market Snapshot: An Update on Third-Party Debt Collections Tradelines Reporting,” that looks at trends in credit reporting of debt in collections from 2018 to 2022. It also published a new blog...more
The U.S. Court of Appeals for the Second Circuit recently ruled that a plaintiff who alleged that Experian had violated the Fair Credit Reporting Act by including a discharged student loan debt on his credit report had not...more
The CFPB has issued its “Annual report of credit and consumer reporting complaints” that reports on consumer complaints submitted to the CFPB regarding the three largest nationwide consumer reporting agencies (NCRAs)—Equifax,...more
The CFPB has released the Fall 2022 edition of its Supervisory Highlights. The report discusses the Bureau’s examinations in the areas of auto servicing, consumer reporting, credit card account management, debt collection,...more
The CFPB has issued a circular (2022-07) to address “shoddy investigation practices” and “affirm that neither consumer reporting companies nor information furnishers can skirt dispute investigation requirements.”...more
The CFPB announced last week that it has entered into a settlement with Hyundai Capital America (Hyundai) to resolve alleged violations of the Fair Credit Reporting Act and Regulation V arising from Hyundai’s reporting of...more
In a new advisory opinion, the CFPB addresses the Fair Credit Reporting Act’s permissible purpose requirement as it applies to both consumer reporting agencies and users of consumer reports....more
The CFPB has issued an interpretive rule on the scope of the Fair Credit Reporting Act’s preemption provisions. The rule’s narrow reading of those provisions appears intended to encourage and support state legislative...more
The CFPB has sent letters to the chief executive officers of five major credit card issuers regarding their companies’ payment furnishing practices....more
A Pennsylvania district court has ruled that a company that provides reports based on a search of public records is a “consumer reporting agency” (CRA) as defined by the Fair Credit Reporting Act....more
The CFPB’s new annual report of credit and consumer reporting complaints, required by Section 611(e) of the FCRA, criticizes the three largest nationwide consumer reporting agencies (NCRAs) for allegedly failing to meet their...more
The CFPB has issued an advisory opinion that affirms that the use of “name-only matching” by consumer reporting agencies, including tenant and employment screening companies, does not satisfy the FCRA requirement for a CRA...more
The CFPB’s Taskforce on Federal Consumer Financial Law released its report making recommendations on how to improve consumer protection in the financial marketplace....more
The FTC has announced a settlement of its first enforcement action targeting the practice of “debt parking.” As described in the FTC’s complaint filed in a Missouri federal district court against Midwest Recovery Systems,...more
The CFPB has issued a report titled “Payment Amount Furnishing & Consumer Reporting” that highlights changes since 2012 in the furnishing of actual payment data to consumer reporting agencies. ...more
The CFPB announced that it has entered into a settlement with Afni, Inc. to address its alleged FCRA violations in furnishing consumer information to consumer reporting agencies (CRAs). Afni is a debt collector specializing...more
A Maine federal district court ruled that that two 2019 amendments to Maine’s credit reporting law are preempted by the federal Fair Credit Reporting Act and granted the motion for judgment filed by the plaintiff, the...more
The FTC has issued five notices of proposed rulemaking seeking comments on changes to five rules that implement the Fair Credit Reporting Act. Comments will be due no later than 75 days after the date the NPRMs are published...more
9/1/2020
/ Consumer Financial Protection Bureau (CFPB) ,
Credit Reports ,
Dodd-Frank ,
Fair Credit Reporting Act (FCRA) ,
Federal Trade Commission (FTC) ,
Financial Regulatory Reform ,
Motor Vehicles ,
NPRM ,
Policies and Procedures ,
Proposed Amendments ,
Rulemaking Process
Twenty-one state attorneys general and the District of Columbia attorney general have sent a letter to the three nationwide consumer reporting agencies (CRAs) “to remind them” of their legal obligations under federal and...more
Section 4021 (Credit Protection During COVID-2019) of the CARES Act amends the Fair Credit Reporting Act (15 U.S.C. § 1681 et seq.) to impose new Coronavirus-related reporting requirements on furnishers of information to...more
The CFPB filed a complaint last week in a California federal district court against several companies and individuals involved in offering student loan debt relief services for allegedly obtaining consumer reports unlawfully,...more
1/14/2020
/ Civil Monetary Penalty ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reports ,
Damages ,
Debt Relief ,
Debt-Relief Industry ,
Disgorgement ,
Enforcement Actions ,
Fair Credit Reporting Act (FCRA) ,
Financial Services Industry ,
Injunctions ,
Redress Payments ,
Regulatory Violations ,
Student Loans ,
Students ,
Telemarketing Sales Rule
The CFPB has issued a special edition of its Supervisory Highlights that focuses on compliance with the FCRA and Regulation V. The report contains two main sections, with one devoted to supervisory observations at furnishers...more
12/13/2019
/ Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Consumer Reports ,
Debt Collection ,
Delinquency Status ,
Fair Credit Reporting Act (FCRA) ,
FDCPA ,
Financial Services Industry ,
Mortgage Servicers ,
Policies and Procedures ,
Regulation V ,
Supervisory Highlights
The Consumer Data Industry Association (CDIA), the world’s largest trade association whose members include consumer reporting agencies operating in the United States and throughout the world, has filed a lawsuit against the...more