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Credit Reports Credit Reporting Agencies Consumer Financial Protection Bureau (CFPB)

Goodwin

CFPB Proposes Rule to Ban Medical Debt from Credit Reports

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Earlier this month, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule to amend Regulation V, which implements the Fair Credit Reporting Act (FCRA), as to medical information and debt. This proposed rule...more

Stotler Hayes Group, LLC

Should Medical Debt Be Excluded from Credit Reports? The CFPB Thinks So

The Consumer Financial Protection Bureau (“CFPB”) is poised to take medical debt off the table for creditors when evaluating a consumer’s eligibility for credit. As it is currently enacted, Regulation V of the Fair Credit...more

Orrick, Herrington & Sutcliffe LLP

CFPB bans medical debt in credit reporting decisions

On June 11, the CFPB released a proposed rule to ban obtaining or using medical information for credit eligibility determinations. Specifically, the proposed rule would amend the FCRA to remove the medical financial...more

Sheppard Mullin Richter & Hampton LLP

CFPB Proposes Rule to Transform Credit Reporting Practices on Medical Debt

On June 11, the CFPB announced a proposed rule amending Regulation V, which implements the Fair Credit Reporting Act, to alter the treatment of medical debts in credit reporting. The rule proposes to remove medical bills from...more

Cooley LLP

CFPB Proposes Rule Removing Medical Bills From Credit Reports

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On June 11, 2024, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule that would generally prohibit lenders from considering medical debt information when determining a consumer’s eligibility for credit,...more

Ballard Spahr LLP

CFPB alleges dark patterns in suit against fintech peer-to-peer lender

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On May 17, 2024, the Consumer Financial Protection Bureau (“CFPB”) filed suit against an online lending platform, alleging, among other things, the use of dark patterns to induce consumers to pay tips and donations,...more

Sheppard Mullin Richter & Hampton LLP

CFPB Director Targets Credit Reporting Fees

The CFPB is continuing its crusade against so called “junk fees,” and now is looking at credit reporting fees. In a May 20 speech to the Mortgage Bankers Association, Director Rohit Chopra highlighted the rising costs of...more

Troutman Pepper

Resolving FCRA Disputes With e-OSCAR: Insights from Joel Strickland — FCRA Focus Podcast

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In this episode of Troutman Pepper's FCRA Focus podcast, host Kim Phan delves into the topic of dispute resolution through the e-OSCAR system with special guest, Joel Strickland, the director of customer success at e-OSCAR....more

Holland & Knight LLP

The CFPB's Rule to Remove Medical Debt from Credit Reports

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In this episode of his "Clearly Conspicuous" podcast series, "The CFPB's Rule to Remove Medical Debt from Credit Reports," consumer protection attorney Anthony DiResta discusses the Consumer Financial Protection Bureau's...more

Troutman Pepper

General Counsel of the CFPB Delivers Remarks Focusing on Medical Collections and Tenant Screening

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In a recent speech at the National Consumer Law Center/National Association of Consumer Advocates Spring Training, Seth Frotman, General Counsel of the Consumer Financial Protection Bureau (CFPB or Bureau), focused on medical...more

Ballard Spahr LLP

CFPB Spring 2024 Supervisory Highlights looks at consumer reporting companies and furnishers

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The CFPB has released the Spring 2024 edition of Supervisory Highlights.  The report discusses CFPB examinations in connection with credit reporting and furnishing that were completed from April 1, 2023 through December 31,...more

Orrick, Herrington & Sutcliffe LLP

CFPB reports on consumer reporting companies’ lack of compliance

On April 8, the CFPB released its Supervisory Highlights on consumer reporting companies (CRC) and furnishers from April to December 2023. With respect to CRCs, the CFPB found deficiencies related to (i) placing identity...more

Troutman Pepper

Report Shows Credit Reporting Issues Dominate CFPB Consumer Complaints

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Consumer reporting dominates complaints to the Consumer Financial Protection Bureau (CFPB), according to a new report....more

Alston & Bird

CFPB Issues FCRA Advisory Opinions Addressing Background Screenings and Credit File Sharing Practices

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What Happened? On January 11, 2024, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued two separate advisory opinions interpreting consumer reporting agencies’ (“CRAs”) obligations under the Fair Credit...more

Goodwin

2023 Year in Review: Credit Reporting

Goodwin on

Welcome to the Credit Reporting chapter of our annual report Consumer Financial Services 2023 Year in Review. Looking Ahead to 2024 - The CFPB’s announcement of a proposed rulemaking to remove medical bills from...more

Cadwalader, Wickersham & Taft LLP

CFPB Issues Two Advisories on the Fair Credit Reporting Act

When the Consumer Financial Protection Bureau (“CFPB”) took over responsibilities for interpreting the Fair Credit Reporting Act (“FCRA”) from the Federal Trade Commission (“FTC”) in 2011, the agency seemed to take a good...more

Troutman Pepper

Year in Review and a Look Ahead: The Evolving Landscape of Background Screening and Credit Reporting — The Consumer Finance...

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Join hosts Dave Gettings, Kim Phan, and Chris Willis in this special crossover episode of FCRA Focus and The Consumer Finance Podcast in the first installment of our Year in Review and a Look Ahead series. They are joined by...more

Sheppard Mullin Richter & Hampton LLP

CFPB Continues Focus on Credit Reporting with Guidance on FCRA Compliance

On January 11, the CFPB issued two advisory opinions providing guidance to consumer reporting agencies (CRAs) on the Bureau’s views on FCRA compliance obligations with respect to background check reports and credit file...more

Hudson Cook, LLP

CFPB Bites of the Month - January 2024 - A Hazy Shade of Winter With the CFPB

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In this month's article, we share some of our top "bites" for the prior and current month covered during the January 2024 webinar....more

Ballard Spahr LLP

CFPB enters into consent order with third-party collector of medical debts to resolve alleged FCRA and FDCPA violations

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The CFPB announced last week that it has entered into a consent order with Commonwealth Financial Systems, Inc. (Commonwealth), a third-party debt collection company that collects past-due medical debts and furnishes...more

Troutman Pepper

FCRA Legislation to Watch for the Remainder of 2023

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The Fair Credit Reporting Act saw no shortage of activity in the first half of 2023. That activity included federal and state legislation. Congress has introduced several bills intended to amend the FCRA — and on the state...more

Troutman Pepper

The 7 Most Notable FCRA Cases of 2023 So Far

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The first half of 2023 has produced significant developments for the Fair Credit Reporting Act. Important decisions have come from multiple areas of the field, including the federal courts of appeals and regulatory agencies. ...more

Brownstein Hyatt Farber Schreck

CFPB Seeks to Fundamentally Alter the Credit Reporting Process and Use of Public Data

On Sept. 21, 2023, the Consumer Financial Protection Bureau (CFPB) officially announced it is considering a rulemaking to address several consumer reporting topics under the Fair Credit Reporting Act (FCRA). Under the process...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - October 2023 #2

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Ballard Spahr LLP

FTC and CFPB submit amicus brief in Second Circuit on FCRA requirement for furnisher to conduct reasonable investigation of...

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The Federal Trade Commission (“FTC”) and the Consumer Financial Protection Bureau (“CFPB”) have filed a joint amicus brief in which they urge the U.S. Court of Appeals for the Second Circuit to reverse the decision of a New...more

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