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Fair Credit Reporting Act (FCRA) Credit Reporting Agencies Financial Services Industry

Troutman Pepper Locke

Second Circuit Explains Reasonable Investigation Standard in Identity Theft Case Under FCRA

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In a recent decision, the U.S. Court of Appeals for the Second Circuit clarified the expectations for furnishers when investigating consumer disputes under the Fair Credit Reporting Act (FCRA). In Suluki v. Credit One Bank,...more

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

McGlinchey Stafford

Litigation Byte (December Edition)

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Delivered in digestible, insightful bites, McGlinchey’s Litigation Byte is a monthly roundup of financial services decisions and cases nationwide that impact your business....more

Arnall Golden Gregory LLP

CFPB Proposed FCRA Rulemaking Could Significantly Expand FCRA Coverage and Restrict Access to Information

The Consumer Financial Protection Bureau (“CFPB”) has published a Notice of Proposed Rulemaking (“NPRM”) titled “Protecting Americans From Harmful Data Broker Practices” 89 Fed. Reg. 101402 (Dec. 13, 2024). If adopted in its...more

McGlinchey Stafford

Judgment on the Pleadings Granted Due to Insufficient Pleading of FCRA Violations

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Alert December 30, 2024 The United States District Court for the District of Maryland granted a defendant’s motion for judgment on the pleadings in a case arising under the Fair Credit Reporting Act (FCRA) due to an alleged...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

Wilson Sonsini Goodrich & Rosati

CFPB Issues Proposed Rule to Cover Data Brokers Under the Fair Credit Reporting Act

On December 3, 2024, the Consumer Financial Protection Bureau (CFPB) announced its highly anticipated and controversial proposed rule that primarily aims to bring data brokers within the scope of the Fair Credit Reporting Act...more

Cooley LLP

CFPB Proposes New Rules That, If Finalized, Would Significantly Expand FCRA’s Reach

Cooley LLP on

On December 3, 2024, the Consumer Financial Protection Bureau (CFPB) issued a notice of proposed rulemaking (NPR) – Protecting Americans from Harmful Data Broker Practices. The CFPB’s proposal would amend Regulation V, which...more

Cadwalader, Wickersham & Taft LLP

The CFPB's Race Against the Clock

While many Federal agencies, including the prudential bank regulators, have decided to hold back moving forward with initiatives until after the inauguration in January, the Consumer Financial Protection Bureau ("CFPB") has...more

Troutman Pepper Locke

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

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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

Foley & Lardner LLP

Consumer Financial Protection Bureau Proposes Rule to Regulate Data Brokers Under Fair Credit Reporting Act

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The Consumer Financial Protection Bureau (CFPB) today announced a proposed new rule that all data brokers be regulated under the 1970 Fair Credit Reporting Act (FCRA), a federal law that protects the use and privacy of credit...more

Amundsen Davis LLC

Will Credit Bureaus Continue to Escape Justice? Part 1: Why Consumers Suffer

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On August 7, in Frazier v. Equifax Information Services, LLC, the United States Court of Appeals for the Seventh Circuit affirmed a lower court’s decision to grant summary judgment to defendant Equifax, a consumer credit...more

Troutman Pepper Locke

Breaking Down Credit Reporting With Credit Builders Alliance — FCRA Focus Podcast

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Join Kim Phan, co-host of the Troutman Pepper podcast, FCRA Focus, as she welcomes special guests from the Credit Builders Alliance (CBA). In this episode, Chief Technical Officer Elisabeth Johnson-Crawford and Manager of...more

Orrick, Herrington & Sutcliffe LLP

6th Circuit reverses decision on plaintiff’s FCRA claim

On August 19, the U.S. Court of Appeals for the Sixth Circuit reversed a District Court’s decision on the FCRA’s reasonable procedures and reasonable reinvestigation provisions. The 6th Circuit found that a consumer reporting...more

McGlinchey Stafford

FCRA Action Dismissed for Lack of Standing and Failure to State a Claim

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In July 2024, the United States Court for the District of Massachusetts dismissed a pro se litigant’s claims against Experian Information Services LLC (Experian), TransUnion LLC (TransUnion), and Equifax Information...more

Orrick, Herrington & Sutcliffe LLP

7th Circuit: Credit reporting agency did not provide inaccurate info

On August 7, the U.S. Court of Appeals for the Seventh Circuit affirmed a lower court’s decision in favor of a credit reporting agency (the defendant), finding it did not report inaccurate credit information. An individual...more

Stotler Hayes Group, LLC

Should Medical Debt Be Excluded from Credit Reports? The CFPB Thinks So

The Consumer Financial Protection Bureau (“CFPB”) is poised to take medical debt off the table for creditors when evaluating a consumer’s eligibility for credit. As it is currently enacted, Regulation V of the Fair Credit...more

Orrick, Herrington & Sutcliffe LLP

CFPB bans medical debt in credit reporting decisions

On June 11, the CFPB released a proposed rule to ban obtaining or using medical information for credit eligibility determinations. Specifically, the proposed rule would amend the FCRA to remove the medical financial...more

Cooley LLP

CFPB Proposes Rule Removing Medical Bills From Credit Reports

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On June 11, 2024, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule that would generally prohibit lenders from considering medical debt information when determining a consumer’s eligibility for credit,...more

Ballard Spahr LLP

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

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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

Troutman Pepper Locke

Ninth Circuit Affirms Summary Judgment Finding that Furnisher Conducted a Reasonable Investigation into Dispute

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In an unpublished decision, the U.S. Court of Appeals for the Ninth Circuit recently affirmed the decision of a California district court finding that the furnisher conducted a reasonable investigation under the Fair Credit...more

Blank Rome LLP

Eleventh Circuit Affirms Dismissal of FCRA Claims Since Alleged Inaccurate Information Was Not Objectively and Readily Verifiable

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Financial institutions, credit furnishers, debt collectors, and other businesses reporting consumer information to credit reporting agencies should take note that the Eleventh Circuit Court of Appeals has declined to impose a...more

Hudson Cook, LLP

CFPB Bites of the Month - April 2024 - Won't Get Fooled Again, CFPB

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In this month's article, we share some of our top "bites" covered during the April 2024 webinar....more

Troutman Pepper Locke

Resolving FCRA Disputes With e-OSCAR: Insights from Joel Strickland — FCRA Focus Podcast

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In this episode of Troutman Pepper's FCRA Focus podcast, host Kim Phan delves into the topic of dispute resolution through the e-OSCAR system with special guest, Joel Strickland, the director of customer success at e-OSCAR....more

Troutman Pepper Locke

General Counsel of the CFPB Delivers Remarks Focusing on Medical Collections and Tenant Screening

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In a recent speech at the National Consumer Law Center/National Association of Consumer Advocates Spring Training, Seth Frotman, General Counsel of the Consumer Financial Protection Bureau (CFPB or Bureau), focused on medical...more

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