News & Analysis as of

Credit Reporting Agencies Regulation V

Goodwin

2024 Year in Review: Credit Reporting

Goodwin on

In 2024, Goodwin tracked four public enforcement actions related to credit reporting or credit repair services, consistent with the four actions tracked in 2023. Between 2017 and 2024, there were an average of four actions...more

Orrick, Herrington & Sutcliffe LLP

CFPB finalizes rule to remove medical bills from credit reports and prohibit lenders from considering medical information

On January 7, the CFPB issued a final rule amending Regulation V. Among other things, the final rule prohibits credit reporting companies from including medical bills on credit reports sent to lenders and prohibits lenders...more

Cozen O'Connor

CFPB Finalizes Rule to Limit Impact of Medical Debt on Credit Reporting

Cozen O'Connor on

The CFPB has finalized a rule amending regulations under the Fair Credit Reporting Act to address the use and reporting of medical information in credit decisions. The Prohibition on Creditors and Consumer Reporting Agencies...more

Orrick, Herrington & Sutcliffe LLP

CFPB seeks comment on ANPR to amend Regulation V

On December 9, the CFPB issued an advance notice of proposed rulemaking (ANPR) to request public comment on potential amendments to Regulation V, which implements the FCRA. As described by the CFPB, the ANPR would address...more

Troutman Pepper Locke

The CFPB Proposes New FCRA Rule to Dramatically Expand Its Scope, Though Finalization is Unlikely

Troutman Pepper Locke on

On December 3, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a proposed rule for public comment aimed at amending Regulation V, which implements the Fair Credit Reporting Act (FCRA). The proposed rule seeks...more

Goodwin

CFPB Proposes Rule to Ban Medical Debt from Credit Reports

Goodwin on

Earlier this month, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule to amend Regulation V, which implements the Fair Credit Reporting Act (FCRA), as to medical information and debt. This proposed rule...more

Sheppard Mullin Richter & Hampton LLP

CFPB Proposes Rule to Transform Credit Reporting Practices on Medical Debt

On June 11, the CFPB announced a proposed rule amending Regulation V, which implements the Fair Credit Reporting Act, to alter the treatment of medical debts in credit reporting. The rule proposes to remove medical bills from...more

Ballard Spahr LLP

CFPB enters into consent order with third-party collector of medical debts to resolve alleged FCRA and FDCPA violations

Ballard Spahr LLP on

The CFPB announced last week that it has entered into a consent order with Commonwealth Financial Systems, Inc. (Commonwealth), a third-party debt collection company that collects past-due medical debts and furnishes...more

Goodwin

CFPB Sues TransUnion and Senior Executive for Violating Law Enforcement Order Prohibiting Deceptive Marketing

Goodwin on

On April 12, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it had filed a lawsuit in federal court against TransUnion, two of its subsidiaries, and its longtime executive for failing to implement...more

Troutman Pepper Locke

CFPB Rescinds Guidance Regarding FCRA and Regulation V Compliance Under CARES Act

Troutman Pepper Locke on

On March 31, the Consumer Financial Protection Bureau (CFPB or Bureau) announced it is rescinding its April 1, 2020 policy statement regarding the Fair Credit Reporting Act (FCRA) and Regulation V following the enactment of...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

CFPB Announces Consent Order with Debt Collector for Violations of FCRA

Womble Bond Dickinson on

On November 12, 2020, Illinois-based non-bank debt collector and furnisher of consumer information, Afni, Inc. (Afni) and the Consumer Financial Protection Bureau (CFPB) entered into a Consent Order requiring that Afni take a...more

Womble Bond Dickinson

CFPB Issues First Version of FAQS Addressing Consumer Reporting in the COVID-19 Pandemic

Womble Bond Dickinson on

Since the passage of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), Pub. L. 116-136, on March 27, 2020, there has been much uncertainty and confusion arising from that portion of the CARES Act which...more

Ballard Spahr LLP

CFPB issues credit reporting guidance during COVID-19 pandemic

Ballard Spahr LLP on

The CFPB has issued a policy statement concerning COVID-19 considerations that will be relevant to how the CFPB chooses to exercise its supervisory and enforcement authority regarding compliance with the Fair Credit Reporting...more

Akerman LLP

CFPB Issues Credit Reporting Guidance During COVID-19 Pandemic

Akerman LLP on

On April 1, the Consumer Financial Protection Bureau (CFPB) issued a policy statement addressing credit reporting issues faced by consumers and credit furnishers in light of the COVID-19 pandemic....more

Smith Debnam Narron Drake Saintsing & Myers,...

Credit Reporting Remains a High Priority for the CFPB

The CFPB confirmed credit reporting remains a high priority for the agency by issuing a special Supervisory Highlights devoted to credit reporting earlier this month. The report was generally complimentary of the strides...more

Ballard Spahr LLP

CFBP Releases Special Edition of its Supervisory Highlights Focusing on Consumer Reporting

Ballard Spahr LLP on

The CFPB recently released a “Special Edition” of its Supervisory Highlights that focuses exclusively on data accuracy issues in consumer credit reporting and the handling and resolution of consumer disputes. The report...more

Goodwin

CFPB Issues Guidance, and a Warning, to Institutions Reporting to Specialty CRAs

Goodwin on

On February 3, 2016, in conjunction with a Field Hearing held the same day concerning deposit accounts, the Consumer Financial Protection Bureau (CFPB) issued a compliance bulletin on the duties of furnishers of information...more

MoFo Reenforcement

Supervisory Haiku-lights, Summer 2015

MoFo Reenforcement on

Break out the short shorts everybody: it’s summer! We know you could use a palate cleanser between the 50 Shades novels and Game of Thrones wikis you’re reading on the beach. Supervisory Haiku-lights to the rescue! The Summer...more

19 Results
 / 
View per page
Page: of 1

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide