News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Credit Reporting Agencies Rulemaking Process

Orrick, Herrington & Sutcliffe LLP

CFPB publishes four ANPRs seeking comment on the definitions of “larger participants” in specific supervised industries

On August 8, the CFPB published four advance notices of proposed rulemaking in the Federal Register seeking public comment to reconsider the test for defining larger participants in the consumer reporting, debt collection,...more

Sheppard Mullin Richter & Hampton LLP

CFPB Director Targets Credit Reporting Fees

The CFPB is continuing its crusade against so called “junk fees,” and now is looking at credit reporting fees. In a May 20 speech to the Mortgage Bankers Association, Director Rohit Chopra highlighted the rising costs of...more

Sheppard Mullin Richter & Hampton LLP

Latest CFPB Supervisory Highlights Keys in on Accuracy in Consumer Credit Reports

On April 8, the CFPB published its Spring 2024 Supervisory Highlights detailing key findings from the CFPB’s recent examinations into perceived accuracy problems in the credit reporting system. Notably the report focused...more

Sheppard Mullin Richter & Hampton LLP

CFPB Continues Focus on Credit Reporting with Guidance on FCRA Compliance

On January 11, the CFPB issued two advisory opinions providing guidance to consumer reporting agencies (CRAs) on the Bureau’s views on FCRA compliance obligations with respect to background check reports and credit file...more

Sheppard Mullin Richter & Hampton LLP

CFPB Initiates FCRA Rulemaking on Medical Debt and Data Brokers

On September 21, the CFPB announced that it has initiated a rulemaking process under the Fair Credit Reporting Act (“FCRA”) that would remove medical bills from consumer credit reports. The CFPB also published an Outline...more

Burr & Forman

CFPB Seeks to Remove Medical Bills from Credit Reports

Burr & Forman on

On September 21, 2023, the CFPB announced it is undertaking a rulemaking process to remove medical bill tradelines from consumer reports and prohibit creditors from relying on medical bills during underwriting....more

Goodwin

The CFPB Proposal to Remove Medical Debt from Credit Report

Goodwin on

​​​​​​​The Consumer Financial Protection Bureau (CFPB) is moving forward with a rulemaking proposal to change the process of reporting medical debt on consumer credit reports. Specifically, the rulemaking proposal the Bureau...more

Sheppard Mullin Richter & Hampton LLP

CFPB Blogs About Need for Standardized Credit Reporting

On June 15, the CFPB posted a blog, titled “Buy Now, Pay Later and Credit Reporting” discussing the Bureau’s viewpoint on the importance of standardized data furnishing by buy now, pay later (BNPL) firms to consumer reporting...more

Womble Bond Dickinson

The CFPB Taskforce Recommends Limits On FCRA Class Action Awards In Report

Womble Bond Dickinson on

On January 5, 2021, the Consumer Financial Protection Bureau’s Taskforce on Federal Consumer Financial Law Report issued a two-volume report on “how to improve consumer protection in the financial marketplace.” The...more

Womble Bond Dickinson

FTC Seeks Comment on Proposed Changes to Five FCRA Rules

Womble Bond Dickinson on

The Federal Trade Commission (“FTC”) is seeking comment on proposed changes that would clarify that five FCRA rules promulgated by the FTC apply only to motor vehicle dealers. The FTC’s proposed changes would bring several...more

Smith Debnam Narron Drake Saintsing & Myers,...

CFPB Issues Semi-Annual Report to Congress

The CFPB has issued its semi-annual report to Congress. The Report, which covers April through September of 2019, is mandated by Dodd-Frank and was released in conjunction with Director Kraninger’s testimony to the House...more

Smith Debnam Narron Drake Saintsing & Myers,...

CFPB Issues Semi Annual Report to Congress

The CFPB has issued its Semi-Annual Report to Congress for the time period beginning April 1, 2018 and ending September 30, 2018. The Report is the first issued by newly confirmed Director Kathy Kraninger and outlines the...more

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