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Consumer Reporting Agencies Banking Sector

Cooley LLP

CFPB’s Spring Supervisory Highlights Report Reinforces Focus on Consumer Reporting, Furnisher Activities

Cooley LLP on

On April 8, 2024, the Consumer Financial Protection Bureau (CFPB) published the 32nd edition of its Supervisory Highlights report. As discussed in more detail below, the report highlights consumer reporting issues identified...more

Orrick, Herrington & Sutcliffe LLP

CFPB: Reopening a closed account could be a UDAAP

On May 10, the CFPB released Circular 2023-02 to opine that unilaterally reopening a closed account without a customer’s permission in order to process a transaction is a likely violation of federal law, particularly if a...more

Bradley Arant Boult Cummings LLP

Fraud & Financial Crimes: The Increase of Identification Fraud During the COVID-19 Pandemic

As a result of the COVID-19 pandemic, businesses experienced a rapid and significant increase in the use of digital technology. Bearing in mind health concerns, as well as business continuity, many businesses began to shift...more

Morrison & Foerster LLP

Financial Services Report - Spring 2021

Can you say 0 to 60? Not cars, but pretty much everything to do with financial services. A new year, a new administration, and new challenges for providers. Prior CFPB Director Kraninger is long gone. Acting Director Uejio...more

Holland & Knight LLP

New Jersey Expands Regulation of Mortgage Servicers

Holland & Knight LLP on

• New Jersey Gov. Phil Murphy signed Assembly Bill A-4997 into law on April 29, 2019, dramatically expanding the state's regulation of residential mortgage servicers. • The law requires nonbank finance companies that...more

Ballard Spahr LLP

New York Regulation of Consumer Reporting Agencies Following Data Breaches

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This week, New York Governor Andrew Cuomo issued a press release directing the New York Department of State to issue a new regulation impacting consumer reporting agencies....more

Ballard Spahr LLP

CFPB Issues Final Payday/Auto Title/High-Rate Installment Loan Rule

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The Consumer Financial Protection Bureau (CFPB) issued its final payday loan rule last week in a release running 1,690 pages. Lenders covered by the rule include nonbank entities as well as banks and credit unions....more

Davis Wright Tremaine LLP

A “Bad Apples” Database for Banks? Not So Fast.

Should banks, while guarding against rolling episodes of misconduct by bankers, have the ability to blackball employees from the banking industry? A “bad apples” database of bank employees who have acted improperly in prior...more

Bradley Arant Boult Cummings LLP

Student Loan Servicers Still Looking for Clarification on Reporting Obligations

There is surprisingly little guidance for student loan servicers when it comes to credit reporting. The only recent guidance directed at loan servicers came by way of an announcement from the U.S. Departments of Education and...more

Morrison & Foerster LLP

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

Ballard Spahr LLP

CFPB to hold January 27 field hearing on checking account access

Ballard Spahr LLP on

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

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