News & Analysis as of

Fair Credit Reporting Act (FCRA) Credit Reporting Agencies Consumer Financial Protection Act (CFPA)

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 levies $12.8M against auto financer for Covid-19 and other alleged credit reporting failures

On January 17, the CFPB issued a consent order and stipulation against an auto finance company for alleged violations of the FCRA, Regulation V and the CFPA. The Bureau alleged that, from 2019 through 2024, the company...more

Goodwin

CFPB Sues Consumer Reporting Agency Regarding Investigations of Consumer Disputes

Goodwin on

​​​​​​​On January 7, 2025, the Consumer Financial Protection Bureau (“CFPB”) filed a complaint against a nationwide consumer reporting agency (“Agency”) under the Fair Credit Reporting Act (“FCRA”) and the Consumer Financial...more

Orrick, Herrington & Sutcliffe LLP

CFPB files complaint against CRA, alleging faulty dispute resolution procedures

On January 7, the CFPB filed a complaint against a consumer reporting agency, alleging violations of the FCRA and the CFPA’s prohibition on unfair acts or practices. The complaint alleges the company failed meet its...more

Sheppard Mullin Richter & Hampton LLP

CFPB Alleges Credit Reporting Agency Conducted Sham Investigations of Errors

On January 7, 2025, the CFPB filed a lawsuit against a nationwide consumer reporting agency for violations of the Fair Credit Reporting Act. The lawsuit claims the company’s investigation of consumer disputes was inadequate,...more

Goodwin

CFPB Files Suit Against "Rent-to-Own" Business Alleging Illegal Lending Practices

Goodwin on

​​​​​​​​On July 26, 2024, the Consumer Financial Protection Bureau (CFPB) announced that it filed a complaint against a point-of-sale financing company and its former chief executive officer in the United States District...more

Ballard Spahr LLP

CFPB alleges dark patterns in suit against fintech peer-to-peer lender

Ballard Spahr LLP on

On May 17, 2024, the Consumer Financial Protection Bureau (“CFPB”) filed suit against an online lending platform, alleging, among other things, the use of dark patterns to induce consumers to pay tips and donations,...more

Goodwin

2023 Year in Review: Credit Reporting

Goodwin on

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

Goodwin

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

Goodwin on

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

Hudson Cook, LLP

CFPB Bites of the Month - August Top 10

Hudson Cook, LLP on

In this month's Top 10 article, we share some of our top "bites" for the prior month covered during the August 17, 2022 webinar. So, what happened last month? Bite #10 - Extra Bite: Global payments company plans to appeal...more

Cadwalader, Wickersham & Taft LLP

Sending a Message: The CFPB's Charges Against TransUnion

For months, Director Rohit Chopra warned that the Consumer Financial Protection Bureau (the “Bureau”) would sharpen its focus on repeat offenders. On April 12, 2022, the Bureau demonstrated its resolve, announcing charges...more

Goodwin

CFPB Settles with Telecommunications Debt Collector for Alleged FCRA and CFPA Violations

Goodwin on

On November 12, 2020, the Consumer Financial Protection Bureau (CFPB) announced ​​that it had entered into a consent order with an Illinois-based debt collector that collects debts on behalf of telecommunications companies...more

Ballard Spahr LLP

CFPB Summer 2019 Supervisory Highlights looks at GAP products, credit card practices, debt collection, furnishing to consumer...

Ballard Spahr LLP on

The CFPB has released the Summer 2019 edition of its Supervisory Highlights.  The report discusses the Bureau’s examination findings in the areas of automobile loan originations, credit card account management, debt...more

Womble Bond Dickinson

BCFP enters into consent order with State Farm regarding alleged FCRA violations

Womble Bond Dickinson on

Last Thursday, the Bureau of Consumer Financial Protection (the “Bureau”) announced a settlement with State Farm Bank, FSB (“State Farm”) regarding alleged violations of the FCRA as well as the Consumer Financial Protection...more

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