News & Analysis as of

Fair Credit Reporting Act Consumer Financial Protection Bureau

600,000 Reasons to Comply with the Fair Credit Reporting Act

by Ward and Smith, P.A. on

The United States Court of Appeals for the Fourth Circuit—which covers federal courts in North Carolina—recently affirmed a borrower’s victory against a loan servicer under the federal Fair Credit Reporting Act (“FCRA”). In...more

Financial Services Weekly News - September 2017

by Goodwin on

Editor's Note - The Roundup has been on hiatus since its August 23 edition. Since then, we have had the misfortune to witness the widespread devastation inflicted by Hurricanes Harvey and Irma. Our hearts go out to the...more

Congressional hearing regarding proposed financial regulation scheduled for September 7

by Ballard Spahr LLP on

Congress is back in session and this Thursday, September 7, the House Subcommittee on Financial Institutions and Consumer Credit will hold a one-panel hearing entitled “Legislative Proposals for a More Efficient Federal...more

Financial Services Weekly News - August 2017 #4

by Goodwin on

Editor's Note - DOJ Emphatically Ends Operation Chokepoint. After four years, the Department of Justice (DOJ) announced the formal end of its controversial Operation Chokepoint initiative. Launched in 2013, Operation...more

Financial Services Weekly News - August 2017 #2

by Goodwin on

Editor's Note - In This Issue. The Consumer Financial Protection Bureau (CFPB) released prototypes of “Know Before You Owe” overdraft disclosure forms and provided an updated rulemaking agenda for 2017; the Federal Reserve...more

CFPB Orders National Bank to Pay $4.6 Million in Civil Penalties for Credit Reporting Practices

by Goodwin on

On August 2, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a national bank, resolving allegations as to the bank’s allegedly unlawful credit reporting...more

Compliance News Flash

by Arnall Golden Gregory LLP on

This week’s news flash – a quick overview of timely background screening and immigration-related news that is important to your organization. - A California federal jury recently found that a consumer reporting agency...more

CFPB Updates: Consumer Reporting Supervisory Highlights, Loss Over CID

In news at the Consumer Financial Protection Bureau, the agency released a special edition of its Supervisory Highlights focused on consumer reporting and was handed a major loss from the U.S. Court of Appeals for the D.C....more

$3M Penalty for Credit Reporting Agency in CFPB Action

A major credit bureau and its subsidiaries will pay a civil penalty of $3 million, revise how it represents how the credit scores it markets to consumers are used, and put in place changes in its compliance management system...more

PLI 22nd Annual Consumer Financial Services Institute, Chicago session – 25% discount available

by Ballard Spahr LLP on

The second presentation of the 22nd Annual Consumer Financial Services Institute, sponsored by the Practising Law Institute, will take place in Chicago on May 4-5, 2017. I am co-chairing the event, as I have for the past 21...more

CFPB Enters Into Consent Order with Credit Reporting Agency Over Alleged Misrepresentations

by Goodwin on

On March 23, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a California-based credit reporting agency (CRA) and its subsidiaries, resolving allegations that the...more

Credit Reporting Remains a High Priority for the CFPB

The CFPB confirmed credit reporting remains a high priority for the agency by issuing a special Supervisory Highlights devoted to credit reporting earlier this month. The report was generally complimentary of the strides...more

Financial Services Report - Spring 2017

by Morrison & Foerster LLP on

EDITOR’S NOTE - In like a lion, out like a lamb—it works for weather; does it work for new administrations? We’ll have to wait and see. We’ll have to wait and see about the length of CFPB Director Richard Cordray’s...more

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

CFPB May Focus on Credit Reporting as an Enforcement Priority

by Goodwin on

On February 28, 2017, the CFPB issued its monthly complaint report spotlighting credit reporting complaints (the Spotlight). Two days later, the Bureau issued a Special Edition of its Supervisory Highlights Report, which also...more

CFBP Releases Special Edition of its Supervisory Highlights Focusing on Consumer Reporting

by Ballard Spahr LLP on

The CFPB recently released a “Special Edition” of its Supervisory Highlights that focuses exclusively on data accuracy issues in consumer credit reporting and the handling and resolution of consumer disputes. The report...more

Financial Services 2016 Year-End Report

by BakerHostetler on

Welcome to the 2016 Year-End Report from BakerHostetler’s Financial Services Industry Team. We are pleased to share our analysis of some of the key legal developments in the financial services industry in the past year and...more

Alternative Data and Credit Scores: Will it Trigger CFPB Enforcement?

by Reed Smith on

The Consumer Financial Protection Bureau (“CFPB” or “Bureau”) recently announced an effort to better understand how “alternative data” could be used to expand access to credit. Through a formal notice and request for...more

PLI 22nd Annual Consumer Financial Services Institute – 25 Percent Discount Available

by Ballard Spahr LLP on

We are pleased to invite you to the 22nd Annual Consumer Financial Services Institute, sponsored by the Practising Law Institute, March 27-28, 2017, in New York City (and by live webcast and groupcast in Atlanta and...more

PLI 22nd Annual Consumer Financial Services Institute – 25% Discount Available

by Ballard Spahr LLP on

We are pleased to invite you to the 22nd Annual Consumer Financial Services Institute, sponsored by the Practising Law Institute, March 27-28, 2017, in New York City (and by live webcast and groupcast in Atlanta and...more

CFPB Again Challenges Meaningful Attorney Involvement

by McGuireWoods LLP on

The Consumer Financial Protection Bureau (CFPB) has entered into its latest consent order targeting consumer debt collection law firms. Once again, the CFPB challenges the lack of “meaningful attorney involvement” it deems...more

CFPB representatives to be featured at 22nd Annual PLI Consumer Financial Services Institute

by Ballard Spahr LLP on

The 22nd Annual Consumer Financial Services Institute, sponsored by the Practising Law Institute, will take place on March 27-28, 2017 in New York City (and by live webcast and groupcast in Atlanta; Philadelphia, Pittsburgh,...more

CFPB Secures $8.8 Million Consent Order Against Mortgage Servicer

by Goodwin on

On January 23, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a mortgage servicer, resolving alleged violations of the Real Estate Settlement Procedures Act (RESPA), the...more

CFPB Continues to Expand Its Meaningful Involvement Requirements for Debt Collection Law Firms

The CFPB recently issued its third consent order involving a debt collection law firm and appears to be expanding its interpretation of “meaningful involvement”. The order, which was entered against two related debt...more

CFPB and Two States File Suit Against Student Loan Company Navient

The CFPB announced on Wednesday that it had filed a lawsuit against Navient Corporation, formerly part of Sallie Mae, and two of its subsidiaries for alleged “systematic” failures in student loan servicing. The complaint...more

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