A bipartisan group of U.S. Senators have introduced the “ISA Student Protection Act of 2019” that would create a legal framework for income share agreements (ISA) offered to students. ...more
8/7/2019
/ ECOA ,
EFTA ,
Electronic Fund Transfer Act ,
Fair Credit Reporting Act (FCRA) ,
FDCPA ,
Legislative Agendas ,
Military Lending Act ,
Proposed Legislation ,
Qualifying Income ,
Servicemembers Civil Relief Act (SCRA) ,
Student Loans ,
Students ,
Tuition
The FTC has issued a final rule to implement a 2018 amendment to the FCRA made by the Economic Growth, Regulatory Relief, and Consumer Protection Act that requires nationwide consumer reporting agencies (CRAs) to provide...more
On June 14, 2019, Texas Governor Greg Abbott signed HB 996, which amends Chapter 392 of the Texas Finance Code dealing with debt collection. The amendments are effective September 1, 2019. ...more
6/24/2019
/ Consumer Financial Products ,
Debt Buyers ,
Debt Collection ,
Debt Collectors ,
Fair Credit Reporting Act (FCRA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
New Legislation ,
Rulemaking Process ,
State and Local Government ,
Third-Party Service Provider
A new report issued by the Government Accountability Office titled, “Private Student Loans: Clarification from CFPB Could Help Ensure More Consistent opportunities and Treatment for Borrowers,” calls on the CFPB to provide...more
The FDIC and the Federal Reserve Board of Governors issued a joint advisory to make financial institutions aware of a 2018 amendment to the Fair Credit Reporting Act that provides that a financial institution may, but is not...more
An $11.7 million judgment awarded against credit reporting company Experian in a 69,000-member class action brought under the federal Fair Credit Reporting Act (FCRA) was vacated by the Fourth Circuit in Dreher v. Experian...more
In a case presenting a question of first impression in the federal courts of appeals, the Ninth Circuit has held that a prospective employer violates the Fair Credit Reporting Act (FCRA) when it procures a job applicant's...more
The U.S. Court of Appeals for the Third Circuit has vacated a district court's dismissal of a data breach class action filed against Horizon Healthcare Services Inc., in the wake of the 2013 theft of two computer laptops...more
1/24/2017
/ Appeals ,
Article III ,
Class Action ,
Data Breach ,
Electronic Medical Records ,
Fair Credit Reporting Act (FCRA) ,
Health Care Providers ,
Health Insurance Portability and Accountability Act (HIPAA) ,
Healthcare ,
HIPAA Breach ,
Injury-in-Fact ,
Laptop Computers ,
Personally Identifiable Information ,
PHI ,
Standing
In its Fall 2016 Supervisory Highlights, which covers supervision work generally completed between May and August 2016, the CFPB highlights violations found by its examiners involving origination and servicing of auto...more
11/7/2016
/ Ability-to-Repay ,
Automotive Loans ,
Banking Sector ,
Consumer Contracts ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Dodd-Frank ,
Fair Credit Reporting Act (FCRA) ,
Fair Lending ,
FDCPA ,
Fees ,
Financial Institutions ,
Financial Services Industry ,
HMDA ,
Industry Examinations ,
Limited English Proficiency (LEP) ,
Mortgage Loan Originators ,
Mortgage Servicers ,
Mortgages ,
Popular ,
Regulation E ,
Regulation Z ,
Student Loans ,
Supervisory Highlights ,
UDAAP
The 11th Circuit has clarified that the Fair Credit Reporting Act (FCRA) requires furnishers of credit information—like their credit reporting agency (CRA) counterparts—to conduct "reasonable" investigations of consumer...more
The Federal Trade Commission (FTC) recently held a FinTech forum addressing marketplace lending. The forum was promoted by the FTC as the first in a series it plans to hold exploring emerging financial technology and its...more
6/21/2016
/ Banking Sector ,
Consumer Financial Products ,
Consumer Lenders ,
ECOA ,
Fair Credit Reporting Act (FCRA) ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
FinTech ,
Innovative Technology ,
Online Marketplace Lending ,
Popular
The Federal Trade Commission (FTC) has issued new guidance to help background screening companies comply with the Fair Credit Reporting Act (FCRA) when conducting background checks on current or prospective employees. The new...more
The Consumer Financial Protection Bureau’s (CFPB) announcement that it has entered into a consent order with two affiliated companies that generate and provide employment background screening reports serves as a reminder to...more
The Federal Trade Commission (FTC) recently announced a settlement with a company that services auto loans for alleged violations of the Fair Credit Reporting Act (FCRA) “Furnisher Rule.” The settlement serves as a reminder...more
9/18/2015
/ Automotive Loans ,
Civil Monetary Penalty ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Consumer Reporting Agencies ,
CRA ,
Fair Credit Reporting Act (FCRA) ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
FTC Act ,
Unfair or Deceptive Trade Practices
When examining banks and companies subject to CFPB supervisory authority for FCRA compliance, CFPB examiners will look at whether the bank or company has followed FCRA requirements for use of background checks on employees...more
Last week, Ohio Attorney General Mike DeWine issued a press release announcing the results of a multi-state investigation into the three national credit reporting agencies (CRAs) - Equifax Information Services LLC, Experian...more
The U.S. Supreme Court has agreed to hear an important case that will decide whether a plaintiff who cannot show any actual harm from a violation of the Fair Credit Reporting Act (FCRA) nevertheless has standing under Article...more
The Federal Trade Commission recently announced a consent order with a subprime auto lender for alleged violations of the Federal Trade Commission Act (FTC Act), the Fair Debt Collection Practices Act (FDCPA), and the Fair...more
The Federal Trade Commission recently announced two more settlements with data brokers for alleged violations of the Fair Credit Reporting Act (FCRA). The settlements with Instant Checkmate, Inc., InfoTrack Information...more
A new joint publication of the Federal Trade Commission (FTC) and Equal Employment Opportunity Commission (EEOC) serves as a reminder to employers of the risks that come with the use of background information when making...more
The U.S. Court of Appeals for the Ninth Circuit has ruled that a plaintiff had Article III standing to sue a website operator for violations of the Fair Credit Reporting Act (FCRA) regardless of whether he could show actual...more
The Federal Trade Commission continues to aggressively enforce the Fair Credit Reporting Act (FCRA) against data brokers, as shown by its recent settlement with TeleCheck Services, Inc. The settlement requires TeleCheck to...more
The Federal Trade Commission recently announced the settlement of its first enforcement action for alleged violations of the Fair Credit Reporting Act (FCRA) risk-based pricing rule (Rule). The settlement demonstrates that...more
The CFPB recently filed its first amicus brief in a Fair Credit Reporting Act (FCRA) case. This brief, like the amicus brief the CFPB filed in August 2013 in the Seventh Circuit in a Fair Debt Collection Practices Act case,...more
The CFPB has issued a bulletin to companies that furnish information to consumer reporting agencies (CRA) reminding them of their obligation under the Fair Credit Reporting Act (FCRA) to investigate consumer disputes...more