Consumer Financial Protection Bureau Fair Credit Reporting Act

The Consumer Financial Protection Bureau is a United States federal agency established in 2010 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Agency is responsible for educating... more +
The Consumer Financial Protection Bureau is a United States federal agency established in 2010 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Agency is responsible for educating consumers about financial products and services, enforcing federal consumer financial laws and studying trends in consumer financial markets.     less -
News & Analysis as of

Supreme Court Reshapes Consumer Financial Law with Two Recent Decisions

The Supreme Court issued two interesting decisions recently that will affect the consumer financial industry. In Spokeo, Inc. v. Robins, the Court held that when it comes to Fair Credit Reporting Act (FCRA) violations,...more

New and Disruptive Technologies: The Care and Feeding of the New Economy [Expect Focus – Vol. I, Winter 2016]

IN THE SPOTLIGHT - The CFPB Takes First Enforcement Action Related to Data Security Practices. LIFE INSURANCE - Class Certified in Unique Fixed Indexed Annuity Case. Alleged Misrepresentations to DFS Warrant...more

CFPB Publishes Final Rule Adopting December 2011 Interim Final Rules

On April 28, the CFPB published a final rule to adopt interim final rules issued in December 2011. Pursuant to the Dodd-Frank Act, the CFPB has rulemaking authority for various consumer financial protection laws, as...more

Top 10 Financial Institution Considerations for 2016: #5 – Marketplace Lending

In our initial article announcing our top 10 considerations for financial institutions in 2016, our fifth consideration was marketplace lending. Just as the U.S. government and banking agencies have focused efforts to...more

Nutter Bank Report - February 2016

The Nutter Bank Report is a monthly publication of the firm's Banking and Financial Services Group. Headlines 1. CFPB Issues FCRA Compliance Guidance for Furnishers of Consumer Information 2. Joint Advisory...more

CFPB issues Winter 2016 supervisory report

In its Winter 2016 Supervisory Highlights, which covers supervision work generally completed between September and December 2015, the CFPB highlights violations found by CFPB examiners involving consumer reporting, debt...more

Financial Services Report, Spring 2016

Why another law firm newsletter? Over ten years ago, Will Stern answered that question in the first Editor’s Note of the first Financial Services Report. Some things have changed since then—we no longer print and mail paper...more

Is the CFPB the New Cop on the Data Security Beat?

On March 2, 2016, the Consumer Financial Protection Bureau (“CFPB”) broke new ground (at least for the CFPB) when it released a consent order against Dwolla, Inc. (“Dwolla”), an online payment platform, regarding data...more

CFPB Tackles Checking Accounts With Compliance Bulletin, Letter to Banks

Why it matters - Taking a deep dive into the area of checking accounts, the Consumer Financial Protection Bureau (CFPB) sent a letter to 25 of the largest retail banks "encouraging them to make available and widely...more

CFPB Issues Compliance Bulletin Clarifying Expectations on Furnisher Obligations Under the Fair Credit Reporting Act

The Consumer Financial Protection Bureau has issued CFPB Compliance Bulletin 2016-01, which "emphasize[s] the obligation of furnishers under Regulation V[1] to establish and implement reasonable written policies and...more

Financial Services Weekly News - February 2015 #2

Regulatory Developments - CFPB Announces Steps to Improve Checking Account Access - On Feb. 3, the CFPB announced that it was taking three steps to expand checking account access to the approximately 10 million...more

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

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

CFPB Provides Consumers with Information on Obtaining Credit Reports

On January 27, the CFPB announced that it published its 2016 list of consumer reporting companies. The list includes contact information for the three largest nationwide reporting companies and various specialty reporting...more

CFPB Blogs that References to Consumer Reporting “Agencies” and Credit “Bureaus” are Confusing to Consumers

The Consumer Financial Protection Bureau (CFPB) posted guidance on its blog on January 27, 2016 reminding consumers of their right to obtain a free copy of their consumer report. The blog posting includes a link to an updated...more

FTC warns use of big data may violate federal consumer protection laws

A new FTC report, “Big Data: A Tool for Inclusion or Exclusion? Understanding the Issues,” warns that certain uses of big data consisting of consumer information may implicate various federal consumer protection laws. In the...more

CFPB Takes Action Against “Buy-Here, Pay-Here” Auto Dealer and Affiliated Financing Company

On December 17, the CFPB announced a consent order against a Minnesota-based auto dealer and its affiliated financing company for alleged violations of the FCRA and the CFPA. The CFPB alleged that the auto dealer, acting...more

CFPB Orders "Buy-Here, Pay-Here" Auto Dealer and Affiliate to Pay $6.5 Million for FCRA and CFPA Violations

Last week, the Consumer Financial Protection Bureau (“CFPB” or “the Bureau”) filed a consent order against “buy-here, pay-here” (BHPH) auto dealer Interstate Auto Group d/b/a Car Hop (“Car Hop”), and its affiliated financing...more

CFPB Announces Complaint and Proposed Consent Order Against Massachusetts Debt Collection Firm

On December 7, the CFPB announced the filing of a complaint and a proposed consent order against a Massachusetts-based debt collection firm for alleged violations of the Fair Debt Collection Practices Act (FDCPA), the Fair...more

CFPB Announces Complaint and Proposed Consent Order Against Massachusetts Debt Collection Firm

On December 7, the CFPB announced the filing of a complaint and a proposed consent order against a Massachusetts-based debt collection firm for alleged violations of the Fair Debt Collection Practices Act (FDCPA), the Fair...more

CFPB Hits Credit Reporting Agency with $8 Million Penalty for FCRA Violations

The Consumer Financial Protection Bureau (“CFPB” or “Bureau”) recently ordered a Florida subprime credit reporting company and its owner to pay an $8 million civil penalty and to halt illegal practices in a December 3 Consent...more

CFPB Keeps the Heat on Debt Collection, Consumer Reporting

On December 7, 2015, the CFPB announced another consent order going after a firm for alleged violations the Consumer Financial Protection Act, FCRA, and FDCPA. The CFPB alleges that Massachusetts debt collection firm...more

CFPB Takes Action Against Nationwide Credit Reporting Company and Owner

On December 3, The CFPB took action against a nationwide credit reporting company and its owner over alleged violations of the Fair Credit Reporting Act. According to the CFPB, the defendants (i) obtained consumer reports,...more

CFPB Takes Action Against Debt Collection Firm Collecto, Inc. d/b/a EOS CCA

On December 7, 2015, the Consumer Financial Protection Bureau (CFPB) announced an enforcement action against debt collection firm Collecto, Inc. d/b/a EOS CCA (EOS) for allegedly violating the Fair Debt Collection Practices...more

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

CFPB Supervisory Highlights 2012-2015

As an early “holiday gift,” to help you more easily search for a particular piece of guidance from the CFPB, we’ve put together two CFPB guidance documents for your review. The first is a compilation of all nine issues of the...more

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