The Consumer Financial Protection Bureau (CFPB or Bureau) finalized a rule aimed at removing an estimated $49 billion in medical bills from the consumer reports of approximately 15 million Americans. This rule amends...more
1/9/2025
/ Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Consumer Reports ,
Credit Reports ,
Fair Credit Reporting Act (FCRA) ,
Final Rules ,
Financial Regulatory Reform ,
Healthcare ,
Medical Debt ,
Regulation V ,
Trade Associations
On January 7, the Consumer Financial Protection Bureau (CFPB or Bureau) finalized its rule aimed at removing an estimated $49 billion in medical bills from the consumer reports of approximately 15 million Americans....more
On October 7, the Consumer Financial Protection Bureau (CFPB or Bureau) published the Fall edition of its Supervisory Highlights, focusing on examinations of the auto-finance market completed between November 1, 2023, and...more
10/9/2024
/ Add-ons ,
Automotive Loans ,
Banks ,
Borrowers ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reports ,
Financial Services Industry ,
Loans ,
Supervisory Highlights ,
Truth in Lending Act (TILA)
On September 24, California Governor Gavin Newsom signed into law a package of consumer protection laws, with three bills aimed directly at collection practices. These new laws introduce significant changes in the areas of...more
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
On May 16, the Illinois legislature passed Senate Bill (SB) 2933. The bill amends the Illinois Consumer Fraud and Deceptive Business Practices Act making it unlawful for a consumer reporting agency (CRA) to create a consumer...more
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
On December 8, the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) (collectively, the agencies) filed an amici curiae brief urging the U.S. Court of Appeals for the Fourth Circuit to reverse a...more
The Third Circuit Court of Appeals overruled a district court’s reading of an exception into §1681s-2(b) of the Fair Credit Reporting Act (FCRA) that would allow a furnisher discretion to refuse to investigate an indirect...more
Earlier this month, a district court for the Eastern District of Michigan dismissed on its own initiative a Fair Credit Reporting Act (FCRA) claim brought by a consumer alleging inaccurate reporting of her charged-off vehicle...more
An Illinois federal district court recently denied a creditor-defendant’s motion for summary judgment in a Fair Credit Reporting Act (FCRA) case brought by a consumer who questioned why his debt was being reported twice — as...more
As previously reported here, on May 25, 2022, the Consumer Financial Protection Bureau (CFPB or Bureau) published a blog post, examining what it described as the “practice of suppressing payment data” by credit card issuers...more
Pursuant to its authority under Section 1022(b)(1) of the Dodd-Frank Act, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion to consumer reporting agencies (CRAs), highlighting their obligation to...more
On September 26, Representative French Hill (R-AR) introduced new legislation, H.R. 8985, also known as the Credit Access and Inclusion Act of 2022, to amend the Fair Credit Reporting Act and allow payment information for...more
On September 19, the Consumer Financial Protection Bureau (CFPB) released a blog post, exploring the potential relationship between rising car prices and changes in auto loan performance. The CFPB found that the rate of...more
On August 25, the Office of Management and Budget (OMB) directed federal agencies involved in originating consumer and small business loans — including the Small Business Administration, Department of Veterans Affairs,...more
In a blog post released June 15, the Consumer Financial Protection Bureau (CFPB) continued to show its interest in credit reporting by Buy Now, Pay Later (BNPL) lenders. Recognizing the importance of credit reporting to...more
On April 11, the White House published a fact sheet, outlining the Biden administration’s actions to lessen the burden of medical debt and increase consumer protection. The plan includes four focus areas...more
On March 1, the Consumer Financial Protection Bureau (CFPB) released its “Medical Debt Burden in the United States” report, which questions whether consumer credit reports should include unpaid medical billing data....more