News & Analysis as of

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

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

Goodwin

The U.S. Government Takes Action on the Silicon Valley Bank and Signature Bank Failures

Goodwin on

Regulatory Developments - The U.S. Government Takes Action on the Silicon Valley Bank and Signature Bank Failures - On March 12, the FDIC, the Federal Reserve, and the U.S. Treasury Department announced that the U.S....more

Akerman LLP

CFPB Rescinds Temporary COVID Policy Statements

Akerman LLP on

On April 1, 2021, the Consumer Financial Protection Bureau rescinded seven policy statements issued between March 26 through June 3, 2020 that provided temporary relief from certain regulatory obligations during the COVID-19...more

Goodwin

SEC Finalizes Reforms Under Investment Advisers Act

Goodwin on

In this Issue. The Securities and Exchange Commission (SEC) finalized reforms under the Investment Advisers Act to modernize rules that govern investment adviser advertisements and payments to solicitors, and published a risk...more

Goodwin

SEC Stays Busy With Amendments And Extensions To Various Rules, Definitions And Disclosures

Goodwin on

In the News. The Securities and Exchange Commission (SEC) adopted final rules to update and expand the statistical disclosures that bank and savings and loan registrants must provide to investors for the first time in 30...more

Womble Bond Dickinson

CFPB Shifts Focus in Light of COVID-19

Womble Bond Dickinson on

The Consumer Financial Protection Bureau (“CFPB”) hosted a webinar, led by Director Kathy Kraninger and Associate Director for Supervision, Enforcement, and Fair Lending Bryan Schneider, laying out its supervisory and...more

BCLP

CFPB Issues CARES Act Credit Reporting FAQs

BCLP on

On June 16th, the CFPB issued a Compliance Aid Frequently Asked Questions (FAQs) addressing the CARES Act changes to the Fair Credit Reporting Act (FCRA) and clarifying furnisher reporting obligations regarding consumers who...more

Arnall Golden Gregory LLP

FCRA Consumer Disputes and Reinvestigations

Additional guidance offered to address the question of how to handle consumer disputes under the Fair Credit Reporting Act (FCRA). The Consumer Financial Protection Bureau (CFPB) issued a Compliance Aid to assist in...more

Akerman LLP

CFPB Issues Compliance Aid Regarding CARES Act Credit Reporting Provisions

Akerman LLP on

On June 16, the Consumer Financial Protection Bureau (CFPB) issued a compliance guide clarifying the credit reporting protections provided by the Coronavirus Aid, Relief and Economic Security (CARES) Act....more

Ballard Spahr LLP

CFPB issues credit reporting FAQs for industry related to CARES Act requirements

Ballard Spahr LLP on

The CFPB issued ten FAQs for industry that address the CARES Act’s credit reporting requirements and other COVID-19-related credit reporting issues....more

Hudson Cook, LLP

Credit Reporting in a COVID World

Hudson Cook, LLP on

Creditors that furnish information on consumer accounts to consumer reporting agencies must do so with accuracy and integrity consistent with the Fair Credit Reporting Act and its implementing regulations. "Accuracy" means...more

Goodwin

COVID-19 and Credit Reporting – Regulatory Response and Resulting Litigation Risks

Goodwin on

Passed in response to the impact of COVID-19, section 4021 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act (H.R. 748, 116th Cong. (2020)) amended the Fair Credit Reporting Act (FCRA) in a variety of ways...more

Orrick, Herrington & Sutcliffe LLP

State Attorneys General Urge CFPB to Enforce the CARES Act and Fair Credit Reporting Act

Twenty-one state Attorneys General, along with the AGs for Washington, D.C. and Puerto Rico, have sent a letter to the Consumer Financial Protection Bureau (CFPB or Bureau) urging withdrawal of CFPB’s guidance relaxing...more

Ballard Spahr LLP

State AGs ask Director Kraninger to withdraw CFPB COVID-19 credit reporting guidance

Ballard Spahr LLP on

A group of attorneys general (AGs) from twenty-one states, the District of Columbia, and Puerto Rico has sent a letter to CFPB Director Kraninger requesting that the CFPB immediately withdraw its guidance regarding credit...more

Burr & Forman

CFPB Receives Pushback from 23 Attorneys General on Credit Reporting Requirements

Burr & Forman on

On April 13, 2020, twenty-three Attorneys General sent a joint letter urging the CFPB to withdraw its recent guidance on Fair Credit Reporting Act (FCRA) requirements during the COVID-19 crisis....more

Hinshaw & Culbertson - Consumer Crossroads

CFPB Relaxes Enforcement of FCRA in the Wake of Coronavirus Crisis But Furnishers' Obligations to Consumers Remain Unchanged

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) in response to the continuing threat posed by the coronavirus (COVID-19) pandemic. Among other provisions,...more

Burr & Forman

CFPB Announces Flexibility Regarding Credit Reporting Obligations During COVID-19 Pandemic

Burr & Forman on

On April 1, 2020, the Consumer Financial Protection Bureau (CFPB) issued a Statement on Supervisory and Enforcement Practices Regarding the Fair Credit Reporting Act and Regulation V in Light of the CARES Act (Policy...more

McGlinchey Stafford

FCRA Enforcement and the CARES Act

McGlinchey Stafford on

On March 27, 2020, the President signed the Coronavirus Aid, Relief and Economic Security Act (CARES Act). Amongst its many provisions is an amendment to the Fair Credit Reporting Act, 15 U.S.C. § 1681 (FCRA) that adds...more

Snell & Wilmer

CFPB Outlines Responsibilities of Credit Reporting Agencies and Furnishers in Response to the COVID-19 Pandemic

Snell & Wilmer on

The Consumer Financial Protection Bureau (the “CFPB”) released a Policy Statement outlining the responsibilities of credit reporting companies and furnishers during the COVID-19 pandemic. As lenders continue to offer...more

Akerman LLP

CFPB Issues Credit Reporting Guidance During COVID-19 Pandemic

Akerman LLP on

On April 1, the Consumer Financial Protection Bureau (CFPB) issued a policy statement addressing credit reporting issues faced by consumers and credit furnishers in light of the COVID-19 pandemic....more

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