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Enforcement Actions Financial Services Industry Credit Reporting Agencies

Ballard Spahr LLP

Republican Senators seek to use CRA to void medical debt rule

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Republican senators have introduced a Congressional Review Act resolution to nullify the rule that bans banks and credit unions from including medical debt on credit reports and generally prohibits the use of medical...more

Goodwin

2023 Year in Review: Credit Reporting

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Welcome to the Credit Reporting chapter of our annual report Consumer Financial Services 2023 Year in Review. Looking Ahead to 2024 - The CFPB’s announcement of a proposed rulemaking to remove medical bills from...more

Hudson Cook, LLP

CFPB Bites of the Month - January 2024 - A Hazy Shade of Winter With the CFPB

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In this month's article, we share some of our top "bites" for the prior and current month covered during the January 2024 webinar....more

Hudson Cook, LLP

CFPB Bites of the Month - April 2023 - Stress Awareness Month and the CFPB

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In this month's article, we share some of our top "bites" for the prior month covered during the April 2023 webinar....more

Goodwin

CFPB Enters into $5.25 Million Consent Order with California Mortgage Servicer

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On November 17, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a California-based mortgage servicer concerning its purported failure to provide certain borrowers...more

Wilson Sonsini Goodrich & Rosati

Consumer Financial Protection Bureau Alleges Dark Patterns in Advertising of Financial Products; Files Suit Against TransUnion and...

On April 12, 2022, the U.S. Consumer Financial Protection Bureau (CFPB) filed a lawsuit against TransUnion, two of its subsidiaries, and former TransUnion executive John Danaher in his individual capacity for violating an...more

Venable LLP

Latest CFPB Lawsuit Sheds Light on Digital Dark Patterns

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A lawsuit filed by the CFPB last week against a national credit reporting agency provides some insight into the types of website features and designs that regulators like the Consumer Financial Protection Bureau and Federal...more

Goodwin

2021 Year in Review: Consumer Finance

Goodwin on

[co-authors: Amelie Hopkins, and Collin Grier] The year 2021 started with the hope of COVID-19 vaccines and a return to (relative) normalcy, only to conclude with new variants that presented new challenges and extended...more

Sheppard Mullin Richter & Hampton LLP

CFPB Report: Major Credit Bureaus Failed to Meet Statutory Obligations in Response to Consumer Complaints

On January 5, the CFPB released its Annual Report of Credit and Consumer Reporting Complaints that analyzes complaint responses by the three major consumer reporting agencies (CRAs). The CFPB’s analysis reveals that recent...more

Holland & Knight LLP

CFPB Proposes Settlement with Debt Collector for Failing to Investigate Identity Theft Reports

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With the ongoing COVID-19 pandemic, credit card companies may face increased scrutiny, as Consumer Financial Protection Bureau (CFPB) Acting Director Dave Uejio recently stated that "credit reports play a huge role in...more

Hudson Cook, LLP

Consumer Complaints on the Rise - CFPB's Annual Complaint Report

Hudson Cook, LLP on

As required by the Dodd-Frank Act, the Consumer Financial Protection Bureau recently provided to Congress its Consumer Response Annual Report for 2020. The report's introduction notes that, in 2020, the CFPB received more...more

Ballard Spahr LLP

Equifax Reaches Historic $575 Million Settlement Agreement Arising from 2017 Data Breach

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Equifax has agreed to pay $575 million to settle consumer as well as state and federal regulatory claims for its 2017 data breach. This is the largest data breach settlement to date. ...more

Ballard Spahr LLP

Mnuchin to discuss Equifax data breach with FSOC

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Appearing before the House Financial Services Committee Tuesday at a hearing entitled “The Annual Report of the Financial Stability Oversight Council” (FSOC), Treasury Secretary Mnuchin indicated that he intends to discuss...more

Ballard Spahr LLP

CFPB reportedly puts investigation of Equifax on ice while other government agencies press forward

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Equifax announced on September 7, 2017 a massive data breach affecting an estimated 143 million consumers. Richard Cordray, the then Director of the CFPB, shortly thereafter authorized an investigation according to several...more

Orrick, Herrington & Sutcliffe LLP

Plaintiffs’ Lawyer Predicts $1 Billion Settlement in Data Breach Case – But Where’s the “Harm”?

This week, a high profile plaintiffs’ firm (Edelson) stated that “if done right,” the data breach class actions against Equifax should yield more than $1 billion in cash going directly to more than 143 million consumers...more

Stinson - Corporate & Securities Law Blog

CFPB Takes Action Against Subprime Credit Reporting Company Clarity Services, Inc.

On December 3, 2015, the Consumer Financial Protection Bureau (CFPB) announced an enforcement action against subprime credit reporting company Clarity Services, Inc. (Clarity), and its owner, Timothy Ranney (Ranney), for...more

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