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Consumer Financial Protection Bureau (CFPB) Credit Scores

Ballard Spahr LLP

Democratic Senators urge continued CFPB scrutiny of buy-now-pay-later products

Ballard Spahr LLP on

Democratic Senator Sherrod Brown, who chairs the Senate Banking Committee, and Democratic committee members Raphael Warnock and John Fetterman, have sent a letter to Director Chopra urging the CFPB to “continue focusing on”...more

Ballard Spahr LLP

CBA concludes blog post series countering CFPB information about CARD Act report

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The Consumer Bankers Association has issued the third and fourth blog posts in its four-part “Facts Matter” blog series on how the CFPB’s public statements can mislead market observers by painting a picture of the credit...more

Bradley Arant Boult Cummings LLP

CFPB Issues Additional Guidance on Use of AI in Credit Underwriting

On September 19, the Consumer Financial Protection Bureau (CFPB) issued Circular 2023-03, which provides guidance as to how lenders must explain denials of applications of credit when the underwriting is based on artificial...more

Troutman Pepper

CFPB Releases Blog Post Favoring Use of Self-Reported Cash Flow Data in Credit Underwriting

Troutman Pepper on

On July 27, the Consumer Financial Protection Bureau (CFPB) released a new blog post, positing that cashflow data, broadly defined as the various inflows, outflows, and accumulated amounts in a consumer’s checking and savings...more

Troutman Pepper

Michigan House Bill Proposes Excluding Tenant Credit Scores from Rental Decisions

Troutman Pepper on

The drumbeat to increase regulation of tenant screening continues, this time in Michigan. On June 15, Michigan state Representative Brenda Carter (D-29) introduced House Bill 4818, which proposes to amend landlord-tenant...more

Hudson Cook, LLP

CFPB Bites of the Month - February 2023 - "Every Compliance Rose Has Its Thorns"

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

Orrick, Herrington & Sutcliffe LLP

CFPB releases data on pandemic credit scores

On January 25, the CFPB released a blog post on credit score transitions during the Covid-19 pandemic. Using data available to the Bureau, the agency examined the transitions of consumers across credit score tiers using a...more

Brownstein Hyatt Farber Schreck

New Credit Score Models and Credit Reporting Are a Focus of Federal Agencies

As the topic of credit reporting and credit scoring remains front and center at several federal agencies, a major Federal Housing Finance Agency (FHFA) decision, stemming from a 2019 final rule regarding credit score...more

Goodwin

CFPB Issues Report Highlighting Medical Bills on Credit Reports

Goodwin on

On March 1, 2022, the Consumer Financial Protection Bureau (CFPB) issued a report titled Medical Debt Burden in the United States (Report) highlighting the complicated and burdensome nature of the medical billing system in...more

Jaburg Wilk

Using Credit Reporting as Debt Collection Strategy Has Changed

Jaburg Wilk on

Credit scores are important and frequently determine interest rates and can even impact insurance rates. For many years, judgment creditors could enforce their judgments in a variety of ways. Prior to 2017, judgment creditors...more

Troutman Pepper

Home Security Company Will Pay $600,000 Civil Penalty in FCRA Settlement for Failing to Provide Risk-Based Pricing Notice

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The Consumer Financial Protection Bureau (“CFPB”) has sounded the alarm on a home security company’s alleged violation of the Fair Credit Reporting Act (“FCRA”). On December 11, 2020, the CFPB announced that it and the...more

Wiley Rein LLP

Wiley Consumer Protection Download (December 21, 2020)

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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

Womble Bond Dickinson

CFPB Settles Alleged Violations of FCRA’s Risk-Based Pricing Rule

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On December 11, 2020, the Consumer Financial Protection Bureau (“CFPB”) and the Arkansas Attorney General reached a $600,000 settlement with Alder Holdings, LLC concerning alleged violations of the FCRA’s Risk-Based Pricing...more

Cozen O'Connor

Credit Score Use Without Notice | Financing Bad Landlord Behavior | § 340B Mandated Pharma Discounts

Cozen O'Connor on

COVID-19- Defunct Travel Agency To Refund Travelers Who Paid Twice for Their Lodgings- Massachusetts AG Maura Healey reached a settlement with online travel agency BookIt Operating LLC d/b/a BookIt.com and its CEO...more

Ballard Spahr LLP

CFPB Updates HMDA FAQs (UPDATED)

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The CFPB recently updated its Home Mortgage Disclosure Act (HMDA) FAQs to add two items regarding multiple data points....more

Womble Bond Dickinson

House Passes Protecting Your Credit Score Act of 2020

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The United States House of Representatives recently passed H.R. 5332, the Protecting Your Credit Score Act of 2020. The Act would amend FCRA is several respects. The overall purpose of the Act is to “ensure that consumer...more

Morrison & Foerster LLP

Machine Underwriting: The CFPB Issues Blog Post On Use Of Artificial Intelligence In Credit Underwriting

On July 7, 2020, the Consumer Financial Protection Bureau (CFPB or Bureau) published a blog post on the use of artificial intelligence (AI), especially machine learning (ML), in credit underwriting. The blog post addresses...more

Smith Debnam Narron Drake Saintsing & Myers,...

CFPB Issues Semi-Annual Report to Congress

The CFPB has issued its semi-annual report to Congress. The Report, which covers April through September of 2019, is mandated by Dodd-Frank and was released in conjunction with Director Kraninger’s testimony to the House...more

Ballard Spahr LLP

House Financial Services Committee passes more credit reporting bills

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Three more bills dealing with credit reporting were passed on Tuesday by the House Financial Services Committee.  Like the four bills passed by the Committee last week, none of the bills passed yesterday received any...more

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