News & Analysis as of

Credit Reporting Agencies

Orrick, Herrington & Sutcliffe LLP

CFPB finalizes rule to remove medical bills from credit reports and prohibit lenders from considering medical information

On January 7, the CFPB issued a final rule amending Regulation V. Among other things, the final rule prohibits credit reporting companies from including medical bills on credit reports sent to lenders and prohibits lenders...more

Orrick, Herrington & Sutcliffe LLP

CFPB files complaint against CRA, alleging faulty dispute resolution procedures

On January 7, the CFPB filed a complaint against a consumer reporting agency, alleging violations of the FCRA and the CFPA’s prohibition on unfair acts or practices. The complaint alleges the company failed meet its...more

Sheppard Mullin Richter & Hampton LLP

CFPB Alleges Credit Reporting Agency Conducted Sham Investigations of Errors

On January 7, 2025, the CFPB filed a lawsuit against a nationwide consumer reporting agency for violations of the Fair Credit Reporting Act. The lawsuit claims the company’s investigation of consumer disputes was inadequate,...more

Cozen O'Connor

CFPB Finalizes Rule to Limit Impact of Medical Debt on Credit Reporting

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The CFPB has finalized a rule amending regulations under the Fair Credit Reporting Act to address the use and reporting of medical information in credit decisions. The Prohibition on Creditors and Consumer Reporting Agencies...more

McGlinchey Stafford

Litigation Byte (December Edition)

McGlinchey Stafford on

Delivered in digestible, insightful bites, McGlinchey’s Litigation Byte is a monthly roundup of financial services decisions and cases nationwide that impact your business....more

McGlinchey Stafford

EDNY: Failure to State a Claim Under the FCRA Dooms a Related Claim under the NYFCRA

McGlinchey Stafford on

On December 16, 2024, the United States District Court for the Eastern District of New York dismissed claims against a credit reporting agency for violations of the Fair Credit Reporting Act (FCRA) and joined the United...more

Arnall Golden Gregory LLP

CFPB Proposed FCRA Rulemaking Could Significantly Expand FCRA Coverage and Restrict Access to Information

The Consumer Financial Protection Bureau (“CFPB”) has published a Notice of Proposed Rulemaking (“NPRM”) titled “Protecting Americans From Harmful Data Broker Practices” 89 Fed. Reg. 101402 (Dec. 13, 2024). If adopted in its...more

McGlinchey Stafford

Judgment on the Pleadings Granted Due to Insufficient Pleading of FCRA Violations

McGlinchey Stafford on

Alert December 30, 2024 The United States District Court for the District of Maryland granted a defendant’s motion for judgment on the pleadings in a case arising under the Fair Credit Reporting Act (FCRA) due to an alleged...more

Proskauer Rose LLP

Top 10 Whistleblowing and Retaliation Events of 2024

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Following our annual tradition — which started over a decade ago — we are analyzing the year's 10 most significant whistleblower and retaliation events. As you'll see, in 2024, actions taken by a range of courts and...more

McGlinchey Stafford

Standing Requirements Under FCRA Clarified by Second Circuit

McGlinchey Stafford on

On December 6, 2024, federal courts in the United States Second Circuit issued a pair of decisions clarifying that borrowers must identify a concrete injury caused by the dissemination of inaccurate information to establish...more

Orrick, Herrington & Sutcliffe LLP

CFPB seeks comment on ANPR to amend Regulation V

On December 9, the CFPB issued an advance notice of proposed rulemaking (ANPR) to request public comment on potential amendments to Regulation V, which implements the FCRA. As described by the CFPB, the ANPR would address...more

Sheppard Mullin Richter & Hampton LLP

CFPB Seeks Input to Address Coerced Debt and Financial Abuse Under FCRA

On December 9, the CFPB announced its release of an advance notice of proposed rulemaking to gather information in preparation for the release of a proposed rule to address concerns related to information furnished to credit...more

Wilson Sonsini Goodrich & Rosati

CFPB Issues Proposed Rule to Cover Data Brokers Under the Fair Credit Reporting Act

On December 3, 2024, the Consumer Financial Protection Bureau (CFPB) announced its highly anticipated and controversial proposed rule that primarily aims to bring data brokers within the scope of the Fair Credit Reporting Act...more

Cooley LLP

CFPB Proposes New Rules That, If Finalized, Would Significantly Expand FCRA’s Reach

Cooley LLP on

On December 3, 2024, the Consumer Financial Protection Bureau (CFPB) issued a notice of proposed rulemaking (NPR) – Protecting Americans from Harmful Data Broker Practices. The CFPB’s proposal would amend Regulation V, which...more

Brownstein Hyatt Farber Schreck

CFPB Classifies Data Brokers as Credit Reporting Agencies in New Proposal

On Dec. 3, 2024, the Consumer Financial Protection Bureau (CFPB) released a proposed rule that would treat data brokers as credit reporting agencies, subjecting them to requirements under the Fair Credit Reporting Act (FCRA)....more

Cadwalader, Wickersham & Taft LLP

The CFPB's Race Against the Clock

While many Federal agencies, including the prudential bank regulators, have decided to hold back moving forward with initiatives until after the inauguration in January, the Consumer Financial Protection Bureau ("CFPB") has...more

Troutman Pepper Locke

The CFPB Proposes New FCRA Rule to Dramatically Expand Its Scope, Though Finalization is Unlikely

Troutman Pepper Locke on

On December 3, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a proposed rule for public comment aimed at amending Regulation V, which implements the Fair Credit Reporting Act (FCRA). The proposed rule seeks...more

Foley & Lardner LLP

Consumer Financial Protection Bureau Proposes Rule to Regulate Data Brokers Under Fair Credit Reporting Act

Foley & Lardner LLP on

The Consumer Financial Protection Bureau (CFPB) today announced a proposed new rule that all data brokers be regulated under the 1970 Fair Credit Reporting Act (FCRA), a federal law that protects the use and privacy of credit...more

Amundsen Davis LLC

Will Credit Bureaus Continue to Escape Justice? Part 1: Why Consumers Suffer

Amundsen Davis LLC on

On August 7, in Frazier v. Equifax Information Services, LLC, the United States Court of Appeals for the Seventh Circuit affirmed a lower court’s decision to grant summary judgment to defendant Equifax, a consumer credit...more

Holland & Knight LLP

Podcast - The CFPB Takes Action on a Toronto-Based Bank’s Consumer Credit Reports

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In this episode of his "Clearly Conspicuous" podcast series, consumer protection attorney Anthony DiResta discusses the Consumer Financial Protection Bureau's (CFPB) new order requiring TD Bank to pay $28 million for...more

Orrick, Herrington & Sutcliffe LLP

Congressional Research Service updates its report on alternative data used by credit reporting agencies

On November 7, the Congressional Research Service updated its report on the use of alternative data in financial services. Credit rating agencies rely traditionally on standard data points such as repayment history on...more

Ballard Spahr LLP

CFPB Blog: Debt collectors who attempt to collect on spouse’s medical bills from a survivor may violate federal law

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The CFPB recently issued a blog post, highlighting debt collection impacts on surviving spouses. In the blog, the CFPB warns that debt collectors who try to collect on a spouse’s medical bills from a survivor, who is not...more

McGlinchey Stafford

Eighth Circuit Upholds Sanctions Against Defendant in FCRA Lawsuit for Demanding “Too Much” in Discovery

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Recently, the U.S. Circuit Court of Appeals for the Eighth Circuit affirmed a discovery ruling, including an award of $93,243.50 in attorneys’ fees, against a defendant in a lawsuit arising under the Fair Credit Reporting Act...more

Troutman Pepper Locke

Breaking Down Credit Reporting With Credit Builders Alliance — FCRA Focus Podcast

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Join Kim Phan, co-host of the Troutman Pepper podcast, FCRA Focus, as she welcomes special guests from the Credit Builders Alliance (CBA). In this episode, Chief Technical Officer Elisabeth Johnson-Crawford and Manager of...more

Orrick, Herrington & Sutcliffe LLP

6th Circuit reverses decision on plaintiff’s FCRA claim

On August 19, the U.S. Court of Appeals for the Sixth Circuit reversed a District Court’s decision on the FCRA’s reasonable procedures and reasonable reinvestigation provisions. The 6th Circuit found that a consumer reporting...more

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