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Fair Credit Reporting Act (FCRA) Consumer Financial Protection Bureau (CFPB) Credit Reports

McGlinchey Stafford

Litigation Byte (December Edition)

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Delivered in digestible, insightful bites, McGlinchey’s Litigation Byte is a monthly roundup of financial services decisions and cases nationwide that impact your business....more

Arnall Golden Gregory LLP

CFPB Proposed FCRA Rulemaking Could Significantly Expand FCRA Coverage and Restrict Access to Information

The Consumer Financial Protection Bureau (“CFPB”) has published a Notice of Proposed Rulemaking (“NPRM”) titled “Protecting Americans From Harmful Data Broker Practices” 89 Fed. Reg. 101402 (Dec. 13, 2024). If adopted in its...more

McGlinchey Stafford

Judgment on the Pleadings Granted Due to Insufficient Pleading of FCRA Violations

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Alert December 30, 2024 The United States District Court for the District of Maryland granted a defendant’s motion for judgment on the pleadings in a case arising under the Fair Credit Reporting Act (FCRA) due to an alleged...more

Alston & Bird

CFPB Proposes to Include Coerced Debt in the Definition of “Identity Theft”

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What Happened? On December 9, the Consumer Financial Protection Bureau (“CFPB”) issued an advance notice of proposed rulemaking(“ANPR”), seeking stakeholder input regarding amending the definitions of “identity theft” and...more

Orrick, Herrington & Sutcliffe LLP

CFPB maintains 2025 FCRA disclosure charge at $15.50

On November 29, the CFPB announced in the Federal Register a final rule amending Regulation V (12 C.F.R. Part 1022), which implements the FCRA. The rule sets maximum allowable charge for consumer file disclosures at $15.50...more

Ballard Spahr LLP

CFPB plans to issue proposed rule mitigating the financial consequences to abuse survivors

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The CFPB intends to issue a proposed rule to address the impact of credit reporting relating to accounts of survivors of domestic violence, elder abuse, and other forms of financial abuse....more

Troutman Pepper Locke

CFPB Initiates FCRA Rulemaking to Address Coerced Debt

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On December 9, the Consumer Financial Protection Bureau (CFPB or Bureau) announced the launch of a rulemaking process addressing credit reporting on survivors of domestic violence, elder abuse, and other forms of financial...more

Troutman Pepper Locke

Troutman Pepper Weekly Consumer Financial Services Newsletter - December 2024 # 2

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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 Proposes Broad New Data Broker Rule That Would Greatly Expand the FCRA

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On December 3, 2024, the Consumer Financial Protection Bureau (CFPB) published its long anticipated proposed rule aimed at regulating data brokers under the Fair Credit Reporting Act (FCRA).  Although the CFPB’s future is...more

Cooley LLP

CFPB Proposes New Rules That, If Finalized, Would Significantly Expand FCRA’s Reach

Cooley LLP on

On December 3, 2024, the Consumer Financial Protection Bureau (CFPB) issued a notice of proposed rulemaking (NPR) – Protecting Americans from Harmful Data Broker Practices. The CFPB’s proposal would amend Regulation V, which...more

Husch Blackwell LLP

CFPB's Proposed Data Broker Rule: A Sweeping Rewrite of the Fair Credit Reporting Act Regulations That Will Be Left to New CFPB...

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On December 3, 2024, the Consumer Financial Protection Bureau (CFPB) published its highly anticipated notice of proposed rulemaking (NPRM) that would regulate data brokers and the sale of Americans’ personal and financial...more

Husch Blackwell LLP

The CFPB's State Privacy Report Is the CFPB's Latest Effort to Influence State Policymakers

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In the closing months of the Consumer Financial Protection Bureau (CFPB) under Director Rohit Chopra, the CFPB has continued its efforts to influence how states regulate financial services providers. On November 12, the CFPB...more

Foley & Lardner LLP

Consumer Financial Protection Bureau Proposes Rule to Regulate Data Brokers Under Fair Credit Reporting Act

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The Consumer Financial Protection Bureau (CFPB) today announced a proposed new rule that all data brokers be regulated under the 1970 Fair Credit Reporting Act (FCRA), a federal law that protects the use and privacy of credit...more

Cadwalader, Wickersham & Taft LLP

CFPB Report Concludes That GLBA and the FCRA Are Showing Their Age

On November 12, the Consumer Financial Protection Bureau (“CFPB”) published a report called “State Consumer Privacy Laws and the Monetization of Consumer Financial Data” that took an uneven look at how Federal financial...more

Arnall Golden Gregory LLP

CFPB Circular Targets Workplace Monitoring Tools

On October 24, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued a circular titled “Background Dossiers and Algorithmic Scores for Hiring, Promotion, and Other Employment Decisions.” In essence, the circular...more

Kelley Drye & Warren LLP

AI Alert: CFPB Tightens FCRA Rules for Employers

On October 22, 2024 the Consumer Financial Protection Bureau (CFPB) released the final version of the Personal Financial Data Rights Rule (that we reported about here). However, the CFPB did not rest there, two days later it...more

Wiley Rein LLP

Wiley Consumer Protection Download (October 29, 2024)

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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

Goodwin

CFPB Enters into $28 Million Consent Order Resolving Allegations of Consumer Credit Misreporting

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​On September 11, the CFPB announced that it had entered into a consent order with a national bank resolving allegations that the bank reported inaccurate information to consumer reporting companies.  The bank agreed to pay...more

Wiley Rein LLP

Wiley Consumer Protection Download (September 17, 2024)

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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

Hudson Cook, LLP

National Bank Reaches Settlement with the CFPB for Alleged Credit Reporting Violations

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On September 11, 2024, the CFPB issued an administrative consent order against the Bank, alleging multiple violations of the Fair Credit Reporting Act (FCRA), the Consumer Financial Protection Act (CFPA), and the Furnisher...more

Ballard Spahr LLP

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

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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

Orrick, Herrington & Sutcliffe LLP

GOP pens letter to CFPB on medical debt credit proposal

On August 14, GOP members of the House Financial Services Committee sent a letter to CFPB Director Rohit Chopra voicing concerns about the CFPB’s proposed rule to ban the use of medical information for credit eligibility...more

Sheppard Mullin Richter & Hampton LLP

Advocacy Group Petitions CFPB to Categorize Housing Rental Leases as “Credit”

On August 12, the National Consumer Law Center (NCLC), a prominent consumer advocacy group, petitioned the CFPB to open rulemaking under the Equal Credit Opportunity Act (ECOA) to expand the definition of “credit” to include...more

Ballard Spahr LLP

Chopra Defends CFPB’s Medical Debt Proposed Rule

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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

Jackson Lewis P.C.

CFPB’s Proposed Amendment of Regulation V to Limit Medical Bills in Credit Reporting: What do Employers Need to Know?

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On June 11, 2024, the Consumer Financial Protection Bureau (CFPB) published a Notice of Proposed Rulemaking (NPRM) to amend Regulation V‒ which implements the Fair Credit Reporting Act (FCRA) ‒ limiting the inclusion of...more

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