News & Analysis as of

Credit Reports Consumer Financial Products

Hudson Cook, LLP

CFPB Issues Consent Order Related to Bank's Duplicative Force-Placed Insurance Policies

Hudson Cook, LLP on

On July 9, 2024, the Consumer Financial Protection Bureau issued a consent order against a nationally chartered bank that, among other things, includes a number of allegations related to the bank's policies regarding...more

Ballard Spahr LLP

NCLC Asks CFPB to Consider Residential Leases as Credit for Specific Purposes

Ballard Spahr LLP on

The National Consumer Law Center is asking the CFPB, by way of a petition, for rulemaking that is long on policy arguments but woefully short on legal support, as we note below, to define residential leases as “credit” under...more

Alston & Bird

Strike Force on Unfair and Illegal Pricing Holds First Public Meeting: CFPB Director Highlights Work on Junk Fees

Alston & Bird on

What Happened? As reported by Alston & Bird’s Antitrust Group, the Federal Trade Commission and the Department of Justice hosted the first public meeting of the Strike Force on Unfair and Illegal Pricing (the “Strike...more

Ballard Spahr LLP

Chopra Defends CFPB’s Medical Debt Proposed Rule

Ballard Spahr LLP on

CFPB Director Rohit Chopra on Thursday defended his agency’s proposed rule to prohibit the listing of medical debt on credit reports, contending that such debts are not a fair indication of a person’s financial health....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

Troutman Pepper

The CFPB’s Increased Focus on Medical Financing Products

Troutman Pepper on

Over the course of the last year, the Consumer Financial Protection Bureau (CFPB or Bureau) has increased its scrutiny of medical financing products, such as medical credit cards and installment loans. In July 2023, the CFPB...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - June 2024 # 3

Troutman Pepper on

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

CFPB issues proposal to prohibit use of medical debt information in credit decisions

Ballard Spahr LLP on

The steady drumbeat of steps during Rohit Chopra’s tenure as CFPB Director to call into question the reliability and predictability of medical debt information in credit underwriting reached a crescendo last week with the...more

Goodwin

CFPB Files Suit Against Student Loan Servicer

Goodwin on

On May 31, 2024, the CFPB announced that it had filed suit against a Pennsylvania-based student loan servicer for engaging in allegedly unfair, deceptive and abusive acts or practices in violation of the CFPA, 12 U.S.C. §§...more

Ballard Spahr LLP

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

Ballard Spahr LLP on

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

Troutman Pepper

CFPB Issues Findings on Recent Changes in Medical Collections on Consumer Reports

Troutman Pepper on

Earlier this week, the Consumer Financial Protection Bureau (CFPB or Bureau) released its second report detailing changes in the credit reporting of medical debts made by the three national consumer reporting agencies (CRAs)...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - April 2024 # 5

Troutman Pepper on

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

Hinshaw & Culbertson - Consumer Crossroads

Buy Now Pay Later Lender Licensing Legislation Still Under Consideration in New York

The Buy Now Pay Later ("BNPL") legislation introduced by New York Governor Kathy Hochul officially died last week. However, BNPL legislation introduced last month by New York Assemblymember Pamela Hunter remains active and,...more

Holland & Knight LLP

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

Holland & Knight LLP on

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

Troutman Pepper on

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

Ballard Spahr LLP on

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

Balch & Bingham LLP

U.S. District Court Addresses Federal Preemption for State Credit Reporting Laws

Balch & Bingham LLP on

In this episode of Consumer Finance Compass, Balch’s Jason Tompkins, partner in Balch & Bingham’s Consumer Finance Compliance & Defense Practice, explores the decision from the U.S. District Court for the District of Maine in...more

Ballard Spahr LLP

CFPB Publishes Consumer Response Annual Report

Ballard Spahr LLP on

The CFPB published its Consumer Response Annual Report for 2023, which discusses the consumer complaints received by the CFPB in that year and how companies responded to those complaints. The CFPB monitors consumers’...more

Goodwin

Traps for the Unwary: Using Alternative Credit Data to Expand Credit Access to LMI Individuals and Underrepresented Communities

Goodwin on

Traditional credit underwriting methods, which are generally based on credit reports, have not always successfully captured the full picture of a borrower’s ability to repay. It is estimated that more than 45 million US...more

Orrick, Herrington & Sutcliffe LLP

Utah amends credit report disclosures to protect consumers

On March 13, the Governor of Utah signed into law HB 99, a bill that amended certain provisions related to consumer credit protections. Specifically, the bill made an addition to the Credit Services Organizations Act at Utah...more

Ballard Spahr LLP

Revised Trigger Leads Bill Introduced in U.S. House of Representatives

Ballard Spahr LLP on

As previously reported, in 2023 bills were introduced in the U.S. House of Representatives (H.R. 4198) and the U.S. Senate (S. 3502) to amend the Fair Credit Reporting Act (FCRA) to curtail the practice of trigger leads with...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

Troutman Pepper

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

Troutman Pepper on

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

Hudson Cook, LLP

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

Hudson Cook, LLP on

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 issues two new FCRA advisory opinions on background screening reports and disclosure of credit files to consumers

Ballard Spahr LLP on

On January 11, 2024, the Consumer Financial Protection Bureau (CFPB) issued two new advisory opinions: Fair Credit Reporting; Background Screening and Fair Credit Reporting; File Disclosure. The advisory opinions are part of...more

113 Results
 / 
View per page
Page: of 5

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide