Consumer Reporting Agencies

News & Analysis as of

CFPB Takes Enforcement Action Against FinTech Lender

On September 27, 2016, the Consumer Financial Protection Bureau (CFPB) entered into a Consent Order (the “Order”) with Flurish, Inc d/b/a LendUp (LendUp), a startup online lending company based in San Francisco that offers...more

Quirky Question #285: Potholes on the Ethical “High Road”

Question: We learned that some of our employees may have been engaging in unethical, and perhaps even illegal, behavior. We don’t tolerate this, so we hired a law firm to conduct an investigation, and based on the results...more

Client Alerts Connecticut Bans (Another) Box, Expanding Protections for Applicants With Criminal Backgrounds

Seyfarth Synopsis: Connecticut amends its “ban the box” law with regard to employers and modifies technical requirements for consumer reporting agencies. The law is an expansion of Connecticut’s current law, and places...more

CFPB Examinations and Investigations: Defense Strategies and Best Practices

The pursuit of examinations and enforcement actions by the Consumer Financial Protection Bureau (CFPB) has created new challenges for entities that provide consumer financial products and services. Given the CFPB’s broad...more

CFPB May 2016 complaint report highlights credit reporting complaints, complaints from New Mexico consumers

The CFPB has issued its May 2016 complaint report which highlights complaints about credit reporting  and complaints from consumers in New Mexico and the Albuquerque metro area.  The CFPB began taking complaints about credit...more

FTC Releases New Guidance on FCRA Compliance for Employment Background Screening Companies

The FTC has released new guidance aimed at helping companies that conduct background screenings for employment purposes to determine whether they are “consumer reporting agencies” within the meaning of the federal FCRA....more

Supreme Court Vacates Ninth Circuit’s Decision in Spokeo, Inc. v. Robbins, Holds “Bare Procedural Violation” of FCRA Does Not...

In a much-anticipated decision, the United States Supreme Court ruled on Monday in Spokeo, Inc. v. Robins, No. 13-1339, 2016 WL 2842447 (May 16, 2016), that a consumer cannot bring a lawsuit in federal court based only on a...more

FTC Issues Guidance for Background Screening Companies

Employers regularly turn to background screening companies in order to obtain information/reports about applicants and employees. The Fair Credit Reporting Act (FCRA) applies to companies that sell or provide these...more

FTC issues new FCRA guidance for employment background screening companies

The Federal Trade Commission (FTC) issued new guidance for employment background screening companies containing information on how to comply with the Fair Credit Reporting Act (FCRA). One of the key elements of this new...more

Maryland Registration Requirement for CRAs

Maryland requires consumer reporting agencies to register with the Office of the Commissioner of Financial Regulation if you “intend to conduct consumer credit reporting services in the State of Maryland.” Last week I...more

Congress Considers Changes to FCRA to Expand Consumer Credit Files and Limit Use of Credit Reports for Employment Decisions

The Fair Credit Reporting Act (FCRA) regulates consumer reporting agencies (CRAs) and the use of consumer reports. The FCRA’s stated purpose includes requiring CRAs to adopt reasonable procedures for meeting the needs of...more

2016 Data Breach Litigation Report

Data security breaches – and data security breach litigation – dominated the headlines in 2015 and continue to do so in 2016. Continuous widely publicized breaches have led to 30,000 articles a month being published that...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

Bureau Tells Banks to Offer Overdraft-Free Accounts, Sends Warning on Reporting

On February 3, 2016, the Consumer Financial Protection Bureau (CFPB or “Bureau”) announced a series of steps designed to improve consumer access to checking accounts by (a) encouraging banks and credit unions to make...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

Big Data: FTC Issues Report Cautioning that Use of Big Data may Violate Federal Consumer Protection Laws or Raise Ethical...

On January 6, the FTC issued a report on the commercial use of big data, Big Data: A Tool for Inclusion or Exclusion? Understanding the Issues, summarizing the results of a September 2014 workshop and numerous public...more

CFPB to hold January 27 field hearing on checking account access

The CFPB has announced that it will hold a field hearing in Louisville, Kentucky about access to checking accounts on January 27, 2016. In October 2014, the CFPB held a forum on checking account screening policies and...more

FTC Releases Report on “Big Data” Offering Practical and Legal Considerations for Businesses

On January 6, 2016, the Federal Trade Commission (FTC) released a report on the growing use of “big data” which discusses potential benefits and risks to big data use and offers practical and legal considerations for...more

Furnisher Duties of Accuracy Under the Fair Credit Reporting Act

The stated purpose of the Fair Credit Reporting Act (FCRA) 15 U.S.C. §§ 1681, et seq., is to require consumer reporting agencies (CRAs) to adopt reasonable procedures to meet the needs for consumer credit, personnel,...more

Must Read for Background Screening Companies

This blog is created with content straight from the National Association of Professional Background Screeners (NAPBS) and a Member Advisory which all background screening companies should read. The Member Advisory was posted...more

Supervisory Highlights, Fall 2015: Totally Sanitized Limerick Edition!

Don’t know about you, but we’ve been dreaming about wrapping ourselves in a big cabled sweater, drinking a pumpkin-spiced beverage and cozying up to the Fall 2015 issue of Supervisory Highlights. Usually haiku is how we roll,...more

CFPB Supervisory Highlights

The Consumer Financial Protection Bureau (CFPB) recently released its ninth supervisory highlights report, which includes new findings from its supervisory program from May – August 2015. Overall, the report focuses on...more

CFPB Announces Consent Order with Employment Background Screening Report Providers

The Consumer Financial Protection Bureau’s (CFPB) announcement that it has entered into a consent order with two affiliated companies that generate and provide employment background screening reports serves as a reminder to...more

CFPB announces consent order with employment background screening report providers

The CFPB recently announced that it has entered into a consent order with two affiliated companies that generate and provide employment background screening reports. The consent order settles charges that the companies, which...more

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