News & Analysis as of

CFPB Addresses Medical Debt Collection, Requires Consumer Reporting Agencies To Provide Accuracy Reports

On December 11, the CFPB held a field hearing on medical debt collection and how it affects consumer credit reports. In his prepared remarks, Director Cordray announced the release of a white paper focused on the specific...more

New CFPB Procedure: Credit Reporting Agencies Must Report and Take Action On Furnishers

On December 11, 2014, the CFPB announced a major change related to its monitoring of furnishers involved in credit reporting. The CFPB introduced a new requirement that “major credit reporting companies,” as part of ongoing...more

CFPB requires credit bureaus to identify furnishers and industries with highest dispute rates and issues study of collections...

In conjunction with its field hearing today on medical debt collection, the CFPB released a study that “describes characteristics of the medical and non-medical collections tradelines on consumers’ credit reports and the...more

CFPB highlights alleged credit reporting errors relating to discharged student loans of disabled veterans

In a new blog post, the CFPB provides credit reporting advice to service-disabled veterans who take advantage of federal student loan forgiveness available from the Department of Education for veterans who receive a 100...more

CFPB to Banks, Credit Unions: Don’t Use Credit Reports to “Blacklist” Consumers

Are banks and credit unions overusing credit reports to blacklist consumers from engaging in banking activities? Speaking at the Consumer Financial Protection Bureau’s (CFPB) Forum on Access to Checking Accounts,...more

CFPB Director Proposes Checking Accounts for All

On Wednesday, in a speech at the Forum on Access to Checking Accounts CFPB Director Richard Cordray returned to two of his most frequent themes – the consumer reporting process and urging actions that he is unable to mandate....more

CFPB Continues Focus on Latino Community

The CFPB and the FTC have announced that the agencies will host a joint roundtable entitled, “Debt Collection and the Latino Community,” on October 23, 2014. The roundtable will examine how debt collection and credit...more

Auto Finance Company to Pay CFPB $2.75M for Inaccurate Credit Report Info

The Bureau of Consumer Financial Protection (CFPB) took action against an automotive finance company for allegedly knowingly providing inaccurate information to credit reporting agencies about consumers for years, fining the...more

House to hold Sept. 10 hearing on credit reporting

On Wednesday, September 10, the House Financial Services Committee will hold a hearing entitled “An Overview of the Credit Reporting System.” The scheduled witnesses are...more

CFPB Enforcement Action Targets Auto Finance Company’s Credit Reporting Practices

On August 20, the CFPB announced a consent order with a Texas-based auto finance company to address alleged deficiencies in the finance company’s credit reporting practices. The company offers both direct and indirect...more

Furnishers Beware – CFPB Signals That Civil Penalties May Be Appropriate Even Without Any Actual Consumer Injury

Yesterday, the CFPB announced a consent order with First Investors Financial Services Group, Inc., an auto finance company that both makes loans to consumers and purchases retail installment sale contracts from auto dealers....more

Lender Agrees to Pay CFPB $2.75 Million Fine for Distorting Credit Records

The CFPB obtained a consent order from an auto finance company that allegedly distorted consumer credit records for years. The auto finance company, which according to the CFPB lends primarily to subprime borrowers, allegedly...more

CFPB Issues Report on the Use of Remittance Histories in Credit Scoring

On July 3rd, the CFPB released a Report on the Use of Remittance Histories in Credit Scoring (the “Report”). Section 1073(e) of the Dodd-Frank Wall Street Reform and Consumer Protection Act required the CFPB Director to study...more

CFPB Reports Risky Practices in Newly Supervised Nonbank Markets

On May 22, the CFPB issued a report highlighting illegal actions uncovered by its supervision of the nonbank payday, debt collection and consumer reporting markets. These markets are being federally supervised for the first...more

CFPB Releases Report on Medical Debt and Consumer Credit Scores

The CFPB’s Office of Research released a report showing findings that medical debt that goes into collections and shows up on credit reports may result in over-penalization with regard to consumer credit scores. The study...more

CFPB Releases Supervisory Report Highlighting “Risky Practices” of Nonbanks

The CFPB released a report regarding certain actions the CFPB discovered during its supervision of the payday, debt collection, and consumer reporting industries. The report, which covers the CFPB’s supervision of those...more

CFPB takes steps to protect foster care youth from credit reporting problems

To address concerns about the vulnerability of foster care children to credit reporting problems, the CFPB has published three action letter templates for child welfare caseworkers to send to credit bureaus if they find...more

Dodd-Frank News - March 2014: Dodd-Frank Wall Street Reform And Consumer Protection Act Update

In This Issue: - Recent Cases January Through March 2014 ..Dodd-Frank Amendments to RESPA ..Dodd-Frank Prohibition on Arbitration Clauses ..Whistleblower Protection Under Dodd-Frank - News &...more

Financial Services Law - Mar 14, 2014

State and Federal Lawmakers, Chair of Fed Weigh in on Regulation of Virtual Currency - The New York Department of Financial Services issued an order on Wednesday that it will immediately start accepting applications...more

CFPB Releases Report and Guidance Bulletin on Credit Reporting

The CFPB released a report on the findings of its first major study on credit reporting principally resulting from thousands of complaints received between July 21, 2011 and February 1, 2014. ...more

Credit reporting remains a CFPB top priority

Credit reporting was the first industry targeted by the CFPB using its “larger participant” supervisory authority. As demonstrated by the CFPB’s actions last week, credit reporting continues to be a high CFPB priority and is...more

CFPB Consumer Advisory Board Meeting To Focus On Consumer Reporting

The CFPB announced this week that its next Consumer Advisory Board meeting will be held on February 27, in Washington, DC, and that the sole public session will focus on the “consumer experience in the credit reporting...more

CFPB files amicus brief in FCRA case

The CFPB recently filed its first amicus brief in a Fair Credit Reporting Act (FCRA) case. This brief, like the amicus brief the CFPB filed in August 2013 in the Seventh Circuit in a Fair Debt Collection Practices Act case,...more

Banking & Financial Services E-Note - September 30, 2013

In This Issue: - NCUA Drafts Rule Subjecting Big Credit Unions to Stress Tests Report Finds FDIC Has Filed as Least 32 D&O Lawsuits This Year - CFPB Cracks Down on "Furnishers" Giving Credit Report Information -...more

CFPB Provides Notice On Duty To Investigate Consumer Credit Report Disputes

The CFPB has issued a notice regarding companies that supply information to consumer reporting companies. The CFPB released a bulletin stressing that, under the CFPB’s view of the law, these companies, called furnishers, are...more

48 Results
|
View per page
Page: of 2