News & Analysis as of

Credit Reports

Awatif Mohammad Shoqi Advocates & Legal...

Does the bank have a right to close a customer's account as a result of multiple bounced cheques?

In the UAE, it is legally permissible for banks to close a customer’s account if multiple checks are returned due to insufficient funds. All the banks and financial institutions in the UAE are regulated by the Central Bank of...more

Holland & Knight LLP

CFPB Seeks to Vacate the Medical Debt Rule

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The CFPB on April 30, 2025, reached an agreement with lender trade groups to vacate the Prohibition on Creditors and Consumer Reporting Agencies Concerning Medical Information Rule (the Medical Debt Rule). The joint motion...more

Sheppard Mullin Richter & Hampton LLP

CFPB Withdraws Medical Debt Rule After Legal Challenge from Industry Groups

On May 1, the CFPB filed a joint motion with two financial trade groups to vacate a Biden-era rule barring most medical debt from appearing on consumer credit reports. The motion comes after lender groups filed a lawsuit in...more

Goodwin

CFPB Reports on Consumer Complaint Trends

Goodwin on

The Consumer Financial Protection Bureau (CFPB) recently issued its annual report analyzing the consumer complaints it received in 2024.  The CFPB collects complaints through its website, phone calls, and mail....more

Ballard Spahr LLP

CFPB, industry groups ask Federal Judge to kill bureau medical debt rule

Ballard Spahr LLP on

The CFPB says it wants to scrap a Biden Administration rule that prohibits credit reporting agencies from including medical debts on credit reports, one of many Biden era rules that the Trump Administration has sought to...more

Troutman Pepper Locke

Driven by Data: Auto Finance Trends Uncovered - Moving the Metal: The Auto Finance Podcast

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In this episode, hosts Brooke Conkle and Chris Capurso delve into the latest TransUnion report on credit industry insights for the fourth quarter of 2024. With auto finance trends revealing rising loan-to-value ratios,...more

Troutman Pepper Locke

The Next FCRA Frontier: Identity Theft and CFPB Updates — FCRA Focus Podcast

Troutman Pepper Locke on

In this episode of FCRA Focus, hosts Kim Phan and Dave Gettings bring you the latest updates from the regulatory and litigation sides of the house. Dave shares his insights on the challenges and litigation surrounding...more

Troutman Pepper Locke

March 2025 Consumer Litigation Filings: Everything Up

Troutman Pepper Locke on

According to a recent report by WebRecon, court filings under the Fair Credit Reporting Act (FCRA), Fair Debt Collection Practices Act (FDCPA), the Telephone Consumer Protection Act (TCPA), and complaints filed with the...more

Ballard Spahr LLP

Legislation to prohibit ‘trigger leads’ in mortgage industry reintroduced in House, Senate

Ballard Spahr LLP on

Legislation to prohibit so-called “trigger leads” in the homebuying process once again has been reintroduced in the House and Senate....more

Orrick, Herrington & Sutcliffe LLP

Consumer reporting amendments limit reportable information in Utah

On March 26, Utah enacted SB 70 (the “Act”), which limits the information consumer reporting agencies are allowed to provide. The Act prohibits consumer reporting agencies from reporting information related to arrests or...more

GeoDataVision

The 2023 CRA Needed to be Repealed and Replaced: The Confusing Ratings System (Part 3 of 4)

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When the new CRA rule was published in late 2023 it contained some very serious flaws that need to be corrected. In fact, some of those flaws are so bad that they left the Trump Administration with only 2 choices,...more

Orrick, Herrington & Sutcliffe LLP

Seventh Circuit reverses lower court’s FDCPA case, holding plaintiff lacked standing

On March 21, the U.S. Court of Appeals for the Seventh Circuit reversed a district court judgment in a case involving statutory damages under the FDCPA for lack of injury. The court asserted that statutory damages alone do...more

McGlinchey Stafford

Court Enjoins Landlord from Reporting Withheld Rent Payments to Credit Reporting Agencies

McGlinchey Stafford on

On March 11, 2025, the New York County Civil Court issued an injunction under the New York Fair Credit Reporting Act (NYFCRA) barring a landlord from reporting to the credit reporting agencies (CRAs) the withheld rent...more

Troutman Pepper Locke

2024 Credit Reporting Review: Impactful Changes and Future Forecast — FCRA Focus Podcast

Troutman Pepper Locke on

In this episode of FCRA Focus, host Dave Gettings is joined by Cindy Hanson, Scott Kelly, and Tim St. George, partners in Troutman Pepper Locke’s Consumer Financial Services Practice Group, to discuss the most impactful...more

Ballard Spahr LLP

Republican Senators seek to use CRA to void medical debt rule

Ballard Spahr LLP on

Republican senators have introduced a Congressional Review Act resolution to nullify the rule that bans banks and credit unions from including medical debt on credit reports and generally prohibits the use of medical...more

Dentons

Two of a Kind – Economy and Marriage

Dentons on

There's no escaping the economy, but there is escaping marriage. People divorce for all sorts of reasons: financial disagreements, extramarital indiscretions, child-rearing differences, and simply growing apart as a couple....more

Orrick, Herrington & Sutcliffe LLP

Prudential regulators release 2024 Shared National Credit report

On March 10, the FDIC, the Fed and the OCC published the 2024 Shared National Credit Program (SNC) report which highlighted that the overall SNC credit risk remains moderate — with a slight increase in the severity of risk...more

Goodwin

2024 Year in Review - Overview: 2024 Lessons and 2025 Emerging Trends

Goodwin on

Welcome to the “Overview: 2024 Lessons and 2025 Emerging Trends” chapter of our annual report, Consumer Financial Services: 2024 Year in Review. As Goodwin predicted in our previous year in review, the enforcement and...more

Goodwin

2024 Year in Review: Credit Reporting

Goodwin on

In 2024, Goodwin tracked four public enforcement actions related to credit reporting or credit repair services, consistent with the four actions tracked in 2023. Between 2017 and 2024, there were an average of four actions...more

Orrick, Herrington & Sutcliffe LLP

New York Fed report on credit insecurity highlights regional disparities and improvements

Recently, the New York Fed’s released a report titled, “Credit Insecurity in the United States, 2018-2023,” which examined the state of credit security across the U.S. over a five-year period. It introduced the Credit...more

Orrick, Herrington & Sutcliffe LLP

Credit reporting agencies move to dismiss medical debt case

On March 3, a trio of credit reporting agencies (defendants) moved to dismiss a plaintiff’s second amended complaint filed in the U.S. District Court for the Eastern District of California. The defendants faced allegations...more

Orrick, Herrington & Sutcliffe LLP

CFPB extends comment period for proposed rule amending Regulation V

On February 28, the CFPB extended the public comment period for its proposed rule amending Regulation V, which implements the FCRA, from March 3 to April 2. As previously covered by InfoBytes, the proposed rule was released...more

Orrick, Herrington & Sutcliffe LLP

CFPB dismisses credit reporting enforcement action voluntarily

On February 28, the CFPB filed a joint stipulation of voluntary dismissal with prejudice in the U.S. District Court for the Northern District of Illinois, ending an enforcement action against a credit reporting agency, two...more

Benesch

The Devil You Don’t Know - Might Not Be So Bad! Good News for Driver Credit and Background Checks

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In this era of driver and employee shortages, employers of all kinds -  motor - carriers, freight intermediaries and shippers, should be aware of a byzantine array of federal statutes that could confer liability upon them,...more

Hudson Cook, LLP

CFPB Bites of the Month - December 2024 - Run, Run Rudolph, CFPB Ain't Too Far Behind

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

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