Fair Credit Reporting Act

News & Analysis as of

Employee Background Checks

In follow-up to our prior post regarding certain additional liability protections afforded to employers who conduct background checks, in this post we explore additional considerations employers should keep in mind when...more

Eye on Privacy Newsletter - July 2014

In this issue: - Proposed California Law Would Impose Data Breach Liability on Retailers and Create More Stringent Data Security Requirements for Businesses - FTC Continues Its Aggressive FCRA Enforcement and...more

Financial missteps and equal access: Is bounced check history now private information?

A consumer reporting agency may collect and compile this information, and it may be accessed, but others cannot use it If you want to open a consumer checking or savings account at a bank, credit union or other...more

Advertising Law - June 2014

Auto Lender Pays $5.5M Over FDCPA, FCRA, and FTC Act Charges - More than $5.5 million was required to settle the Federal Trade Commission’s charges against Consumer Portfolio Services, a California-based auto lender...more

Another state AG files lawsuit using Dodd-Frank authority

A lawsuit filed in May 2014 by the Mississippi Attorney General against Experian in Mississippi state court alleging widespread federal and state law violations was removed last week by Experian to a federal district court in...more

FTC Report Seeks Congressional Review of Data Broker Industry

As the advent of “big data” increasingly takes center stage in the data and privacy sphere, data brokers—companies that compile and resell or share consumers’ personal data—have come under increased scrutiny. On May 27, 2014,...more

Federal Reserve Board Repeals Duplicative Regulations, Finalizes Red Flag Rule Amendments

On May 22, the Federal Reserve Board repealed its Regulation DD, which implements TISA, and Regulation P, which implements Section 504 of the GLBA because the Dodd-Frank Act transferred rulemaking authority for those laws to...more

West Virginia District Court Certifies Rule 23(b)(3) Class Of Plaintiffs Alleging Violations Of Fair Credit Reporting Act Section...

The U.S. District Court for the Southern District of West Virginia certified a Rule 23(b)(3) class, holding that the class was sufficiently ascertainable and satisfied the requirements of Rule 23(b)(3). Plaintiff’s class...more

FTC Announces Consent Order with Subprime Auto Lender for Alleged Violations of FDCPA, FCRA

The Federal Trade Commission recently announced a consent order with a subprime auto lender for alleged violations of the Federal Trade Commission Act (FTC Act), the Fair Debt Collection Practices Act (FDCPA), and the Fair...more

FTC Calls for Action on Big Data

Following an 18-month investigation into the practices and operations of data brokers, the Federal Trade Commission has issued a voluminous report calling for legislation to regulate the industry in the interests of consumer...more

Rogue CFO III – Background Checks

Perform Background Checks. It seems obvious. Why would a company not want as much information about a candidate for its CFO position that it can legally obtain? But this oversight is common. Too many smaller companies hire...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 Proposes New Plan for Privacy Notices - Financial institutions may soon have a cheaper way to notify consumers about their...

Under a new proposal issued by the Consumer Financial Protection Bureau (CFPB), financial institutions could avoid the requirement to mail an annual privacy notice to customers by instead referring them to an online notice,...more

CFPB's Proposed Rule Promotes More Efficient and Effective Privacy Disclosures

The Consumer Financial Protection Bureau (CFPB) has proposed a rule that would promote more effective privacy disclosures from financial institutions to its respective customers. Currently, the Gramm-Leach-Bliley Act (GLBA)...more

OCC Integrates Interagency Rules, Proposes Integrated Licensing Rules

On May 16, the OCC issued a final rule to integrate its interagency rules, which would combine, without any substantive amendments, rules related to consumer protection in insurance sales, BSA compliance, management...more

CFPB Report Highlights Nonbank Supervisory Findings

On May 22, the CFPB published its Spring 2014 Supervisory Highlights report, its fourth such report to date. In addition to reviewing recent guidance, rulemakings, and public enforcement actions, the report states that the...more

CFPB Proposal May Eliminate Requirement to Mail Annual Privacy Notice

On May 7th, the Consumer Financial Protection Bureau (CFPB) announced a proposed rule that would allow financial institutions to post annual privacy notices online, potentially eliminating the current requirement to provide...more

FCPA: The First Circuit Court Decision Defining Instrumentality

The Eleventh Circuit Court of Appeals handed down the first decision on the question of who is a foreign official under the Foreign Corrupt Practices Act. Specifically, the Court considered the question of what is an...more

Employment Background Checks: Tips Employers Should Know to Comply With Federal Laws

Many employers rely on background checks to screen job applicants and employees when making important personnel decisions, including hiring, retention, and promotion. In March, the Equal Employment Opportunity Commission...more

How to Respond to a CFPB Civil Investigative Demand

Under CFPB’s broad mandate, many companies outside the financial services industry may be subject to expensive civil investigations. A for-profit technical school may not appear to be a financial services company. But...more

Social Media - The Double-Edged Sword For Screening Job Applicants

It’s become second-nature to “Google” people to whom you’ve been introduced or are planning to meet. For many employers, it’s just as easy to engage in the same process with those applying for employment. When an...more

The Skinny on the White House Big Data Report

While the public debate on privacy has largely focused on how government, particularly the intelligence community, collects, stores, and uses data, President Obama earlier this year announced a comprehensive review of the...more

CFPB Proposes Limited Relief From Annual Privacy Notice Delivery Requirements

On May 7, the CFPB issued a proposed rule that would provide financial institutions an alternative method for delivering annual privacy notices. The Gramm-Leach-Bliley Act (GLBA) and Regulation P require financial...more

The Evolution of FTC Privacy Enforcement

The FTC has recently undertaken further reviews of specific security practices past its historical boundaries - The Federal Trade Commission (FTC) has asserted its enforcement authority as “the chief federal agency on...more

Florida Supreme Court Decides that Florida Civil Rights Act Prohibits Pregnancy Discrimination

On April 17, 2014, the Florida Supreme Court resolved a certified conflict between two of Florida’s district courts of appeal, to hold that the Florida Civil Rights Act (FCRA) prohibits pregnancy discrimination. To read the...more

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