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Fair Credit Reporting Act (FCRA) Financial Services Industry Credit Cards

Hudson Cook, LLP

CFPB Takes Dual Action Against Bank Holding Company for Alleged Unlawful Repossessions and Sales Practices.

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On July 9, 2024, the CFPB issued a consent order and proposed court order against the Company, the former citing allegedly unlawful repossessions, and the latter citing allegedly unlawful sales practices. The consent order...more

Nutter McClennen & Fish LLP

Nutter Bank Report: May 2024

Headlines 1. Supreme Court Upholds the Constitutionality of the CFPB’s Funding Structure The Supreme Court has ruled that the statutory authorization that allows the CFPB to draw funds from the earnings of the Federal Reserve...more

Orrick, Herrington & Sutcliffe LLP

U.S. SDNY grants partial summary judgment in favor of bank’s FCRA case

Recently, the U.S. District Court for the Southern District of New York opined on a bank’s motion for partial summary judgment, granting the motion as to whether the bank “knowingly” violated the FCRA but denying whether the...more

Troutman Pepper

New York Federal District Court Holds the Reasonableness of Investigation Into Alleged Identity Theft is a Factual Question under...

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A U.S. district court in the Eastern District of New York recently denied a motion for summary judgment filed by a credit card issuer because the plaintiff alleged identity theft and a reasonable factfinder could determine...more

Ballard Spahr LLP

CFPB Fall 2023 rulemaking agenda indicates imminent issuance of final credit card late fees rule and proposed rules on overdraft...

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The CFPB has released its Fall 2023 rulemaking agenda as part of the Fall 2023 Unified Agenda of Federal Regulatory and Deregulatory Actions.  The agenda’s preamble indicates that “[t]he Bureau reasonably anticipates having...more

Ballard Spahr LLP

RFI Industry Commenters Urge CFPB to Stay in its Lane on Medical Debt Payments

Ballard Spahr LLP on

American Bankers Association (ABA), Association of Credit and Collection Professionals (ACA International), U.S. Chamber of Commerce (Chamber), Synchrony Bank (Synchrony), and National Consumer Law Center (NCLC) submitted...more

Womble Bond Dickinson

Milgram v. Chase Bank USA, N.A.: Eleventh Circuit Holds Furnisher’s Investigation Was Reasonable, Despite Evidence That...

Womble Bond Dickinson on

Does a furnisher always have to reach the “right” answer when it investigates a consumer’s credit reporting dispute? Or does the furnisher just have to engage in a “reasonable” investigation of the dispute before responding?...more

Spilman Thomas & Battle, PLLC

All Consuming - Financial Litigation Insights - Issue 2, July 2023

CFPB Issue Spotlight Analyzes “Artificial Intelligence” Chatbots in Banking - "Poorly deployed chatbots can impede customers from resolving problems." Why this is important: The Consumer Financial Protection Bureau...more

Orrick, Herrington & Sutcliffe LLP

CFPB releases regulatory agenda (UPDATE)

The Office of Information and Regulatory Affairs recently released the CFPB’s spring 2023 regulatory agenda. Key rulemaking initiatives that the agency expects to initiate or continue include...more

Hudson Cook, LLP

CFPB Bites of the Month - 2022 Annual Review - Credit Cards

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In this article, we share a timeline of our monthly "bites" for 2022 applicable to the credit card industry. As evidenced by the timeline, federal regulators (primarily the CFPB) are beginning to renew their focus on credit...more

Manatt, Phelps & Phillips, LLP

The CFPB’s Fall 2022 Supervisory Highlights—Key Findings and Takeaways

On November 16, 2022, the Consumer Financial Protection Bureau (Bureau) released its Fall 2022 Supervisory Highlights. The 32-page report discusses the Bureau’s key examination findings in the areas of auto servicing,...more

Ballard Spahr LLP

CFPB Fall 2022 Supervisory Highlights looks at auto servicing, consumer reporting, credit card account management, debt...

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The CFPB has released the Fall 2022 edition of its Supervisory Highlights. The report discusses the Bureau’s examinations in the areas of auto servicing, consumer reporting, credit card account management, debt collection,...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter - June 2022 # 4

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Like most industries today, Consumer Finance Services businesses continue to be significantly impacted by COVID-19. To help you keep abreast of relevant activities, below find a breakdown of some of the biggest legislative...more

Troutman Pepper

CFPB Probes ‘Suppressed’ Credit Card Payment Reporting

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On May 25, the Consumer Financial Protection Bureau (CFPB or Bureau) published a blog post, examining what it describes as the “practice of suppressing payment data.”...more

Morrison & Foerster LLP

Financial Services Report - Winter 2021

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Welcome to the Financial Services Report, holiday style! Banks and non-banks alike started early this year with additions and changes to their regulator stockings. The Senate confirmed Rohit Chopra as the new CFPB Director....more

Benesch

Reporting a Charged Off Debt As Past Due Is Not Inaccurate Under the FCRA

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Failing to pay your credit card bills doesn’t pay. And it shouldn’t. But that doesn’t stop some debtors from at least trying to make a personal pay day out of it under the Fair Credit Reporting Act (“FCRA”), as evidenced by...more

Ballard Spahr LLP

CFPB Summer 2019 Supervisory Highlights looks at GAP products, credit card practices, debt collection, furnishing to consumer...

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The CFPB has released the Summer 2019 edition of its Supervisory Highlights.  The report discusses the Bureau’s examination findings in the areas of automobile loan originations, credit card account management, debt...more

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