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
A federal District Court judge in Nevada has dismissed a case filed by several trade associations against the Commissioner of the Financial Institutions Division (“FID”) of the Nevada Department of Business and Industry and...more
We recently provided an update in a case we’ve been following involving a lawsuit challenging a Nevada statute, SB 311, that allows an applicant for credit with no credit history to request that a creditor treat an...more
Employers in Puerto Rico Precluded from Using Credit Reports or Credit History for Employment Actions - New Legislation Enacted - On October 8, 2019, the Governor of Puerto Rico signed into law Act No. 150 of October 8,...more
The three trade groups challenging an amendment to Nevada law that allows an applicant for credit with no credit history to request that the creditor deem the applicant’s credit history to be identical to that of the...more
On October 1, three trade groups filed a lawsuit in Nevada federal court challenging an amendment to Nevada law that allows an applicant for credit with no credit history to request that the creditor deem the applicant’s...more
DC mayor signs act prohibiting employer use of an employee’s credit information. On February 16, the mayor of the District of Columbia signed the DC Fair Credit in Employment Amendment Act of 2016 (the Act). The Act...more
In May 2015, the CFPB issued a report, “Data Point: Credit Invisibles,” that documented the results of a research project undertaken by the CFPB to better understand the demographic characteristics of consumers without...more
As we previously reported, New York City recently passed a law prohibiting employers from requesting or using an individual’s credit history in making employment decisions. On September 3, 2015—the same day that the new law...more
On September 3, 2015, the amendment to the New York City Human Rights Law (“NYCHRL”) prohibiting the use of credit checks in employment (“Credit Check Law”) became effective. On the same day, the New York City Commission on...more
A consumer reporting agency may collect and compile this information, and it may be accessed, but others cannot use it If you want to open a consumer checking or savings account at a bank, credit union or other...more
Last week an Oregon jury awarded an individual plaintiff over $18 million in compensatory and punitive damages in what some sources have reported to be the first jury verdict in a case brought under the Fair Credit Reporting...more