News & Analysis as of

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 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

Weathering the Sea Change in Fair Credit Reporting Act Litigation in 2014

In 2013, the ballooning number of employment class actions illuminated the sea change in Fair Credit Reporting Act (FCRA) litigation. The FCRA was enacted in 1970 during President Nixon's administration, and is hardly in its...more

Litigating in the Gap Between Theory and Reality - Reseller Liability Under Section 1681e(b) of the Fair Credit Reporting Act

One of the most significant sources of litigation risks for niche businesses occurs when the statutory laws governing their conduct fail to reflect the real-world context of the industries in which they operate. Because even...more

’60 Minutes’ Show Gets Facts All Wrong in Report on Credit Reporting Agencies

The credit reporting industry – dominated by Experian, Equifax and Transunion – maintains a precarious balance of obligations: On the one hand, these companies bear a responsibility to banks and other businesses at large to...more

Global Connection - May 2013: Ninth Circuit Strikes Down $45 Million Class Action Settlement and Issues Warning About Use of...

Citing a conflict of interest between class representatives and a class, the Ninth Circuit Court of Appeals recently invalidated a $45 million class action settlement that had previously been approved by the district court....more

Mortgage Banking Update: 10th Circuit: Law Firm Not Required To Flag Erroneous Credit Reports in Foreclosure Proceeding

A law firm hired to foreclose on a property was not required under the Fair Debt Collection Practices Act (FDCPA) to inform a credit reporting agency of erroneously negative credit reports on the borrower, even if the firm...more

Employers Should Use Revised FCRA Disclosure for Employees and Job Applicants

Employers who use consumer reports as part of their decision-making process in the hiring, promotion or firing of employees should note the attached “A Summary of Your Rights under the Fair Credit Reporting Act” issued by the...more

New Federal Agency Rings In The New Year With New FCRA Background Check Forms

Employers that use third parties to perform background checks on applicants or employees must start using new Fair Credit Reporting Act (FCRA) forms immediately. The new Consumer Financial Protection Bureau, which is...more

Background Checks: Updated “Summary of Consumer Rights” Required Under Fair Credit Reporting Act

Start the new year out right by using the updated “Summary of Consumer Rights” form, required as of January 1, 2013, to comply with the Fair Credit Reporting Act (“FCRA”). Even if you updated your form earlier in 2012, you...more

Modified Fair Credit Reporting Act Notices Will Be Required Effective January 1, 2013

The following is an important message for all employers that use credit reporting agencies to perform pre-employment background checks or other related investigations...more

Legal Alert: Employers Must Be Prepared To Use Revised FCRA Forms Beginning January 1, 2013

Beginning January 1, 2013, employers must use the revised forms issued by the Consumer Financial Protection Bureau (CFPB) in November 2012 to conduct background checks under the Fair Credit Reporting Act (FCRA). ...more

CFPB Publishes White Paper On Largest Consumer Reporting Agencies

On December 13, the CFPB issued a white paper on its review of 2011 data to determine how the three largest consumer reporting agencies (CRAs) manage consumer data and complaints. According to the CFPB press release, its...more

Is Your Company Using the Right Form for Background Checks?

The Consumer Financial Protection Bureau (the “Bureau”) has taken over rulemaking and enforcement responsibilities for the Fair Credit Reporting Act (“FCRA”) and has updated an important FCRA form that employers must use when...more

CFPB issues paper on credit reporting

The CFPB has issued a paper that describes the infrastructure and processes used by Equifax, Experian and TransUnion, the three largest nationwide consumer reporting agencies (NCRAs), to collect, compile and report...more

Sixth Circuit Affirms Dismissal Of Suit Challenging MBS Ratings By Major Credit Reporting Agencies

On December 3, the U.S. Court of Appeals for the Sixth Circuit affirmed the dismissal of claims brought by Ohio public employee pension funds against major credit-rating agencies related to the sale of mortgage-backed...more

CFPB Warning and Bulletin for Nationwide Specialty CRAs

The Consumer Financial Protection Bureau (“CFPB”) has sent warning letters to several nationwide specialty consumer reporting agencies (“CRAs”), notifying the CRAs that the CFPB believes that the CRAs are not complying with...more

eTrends - By January 1, 2013, FCRA Forms Must be Updated

By January 1, 2013, employers and consumer reporting agencies must use revised, updated forms for certain notices required by the Fair Credit Reporting Act (FCRA). The revisions indicate that the recently created Consumer...more

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