Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more
The Social Security Administration (SSA) has announced the development of a portal that would allow financial institutions to join a planned real-time electronic system for verifying the identity of credit applicants. ...more
Part of the 2018 Economic Growth, Regulatory Relief, and Consumer Protection Act (which amended the Fair Credit Reporting Act) included a provision requiring credit reporting agencies (CRAs) to provide free electronic credit...more
Federal legislation recently took effect that prohibits consumer reporting agencies from charging a fee to place or remove (lift) a security freeze on a consumer credit report in response to a consumer request. ...more
If you conduct pre-hire background checks, you know you have to comply with the Fair Credit Reporting Act (FCRA) or risk trouble (called lawsuits). Part of that compliance is providing notice to the applicant if you are going...more
Amendments affecting notice requirements under the Fair Credit Reporting Act (FCRA) went into effect on September 21, 2018. These amendments were part of the Economic Growth, Regulatory Relief, and Consumer Protection Act...more
Q: My company uses a third-party vendor to conduct background checks on prospective employees. We heard there is a new model for the “A Summary of Your Rights Under the Fair Credit Reporting Act” notice. Should we be using...more
There is a little-known provision from a new federal law that will most likely impact your hiring practices and your standard hiring documents—and it kicked in last Friday. As of September 21, all employers must update their...more
The Federal Trade Commission has announced that, beginning today, consumers concerned about identity theft or data breaches can place credit freezes and one year fraud alerts with the three nationwide credit bureaus for free....more
Things are changing in FCRAland. The Economic Growth, Regulatory Relief, and Consumer Protection Act (“Act”) (full text here) has added a new section the Fair Credit Reporting Act (“FCRA”), section 605A(i), which goes into...more
On September 12, 2018, the Bureau of Consumer Financial Protection (“CFPB”) announced an interim final rule (“Rule”) to be effective September 21, 2018, that will update two model disclosure forms used when conducting...more
With the passage of the Economic Growth, Regulatory Relief, and Consumer Protection Act earlier this year, Congress amended the Fair Credit Reporting Act (FCRA). The Act amends both consumer rights under FCRA and imposes...more
On September 12, 2018, the Bureau of Consumer Financial Protection (the “Bureau”) issued an interim rule to update two model disclosures following the recent enactment of the Economic Growth, Regulatory Relief, and Consumer...more