This is our second blog post on the final rule issued on October 24, 2023 by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency amending their regulations implementing the Community Reinvestment Act (“CRA”) (the “Final Rule”). … Continue Reading
Search results for: CRA
Eleventh Circuit rules consumers can recover statutory damages for willful FCRA violations without proving actual damages
Posted in Credit Reports, Litigation and Court Decisions
Joining every other circuit to address the same issue, the U.S. Court of Appeals for the Eleventh Circuit recently ruled that a consumer does not have to prove actual damages to recover statutory damages for willful violations of the Fair Credit Reporting Act.
In Omar Santos, et al. v. Experian Information Solutions, Inc.… Continue Reading
The new CRA: Understanding the final rule and its impact on large, intermediate, and small banks; Ballard Spahr to hold webinar on final rule on Dec. 6
By Scott A. Coleman & Sarah B. Dannecker on
On October 24, 2023, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency issued a final rule amending their regulations implementing the Community Reinvestment Act (“CRA”) (the “Final Rule”). The Final Rule marks the first substantial revision to the CRA regulations in nearly thirty years. … Continue Reading
CFPB continues to look to creditors to help servicemembers take advantage of SCRA benefits
By Brian Turetsky on
In a November 1, 2023 blog post titled “Servicemembers continue to face major financial challenges,” the Consumer Financial Protection Bureau highlighted three areas where it is working to secure protections for servicemembers, including the Servicemembers Civil Relief Act’s (“SCRA”) 6% interest rate cap, restrictions on the use of military allotments, and efforts to protect servicemembers from identity theft. … Continue Reading
FTC and CFPB submit amicus brief in Second Circuit on FCRA requirement for furnisher to conduct reasonable investigation of disputed information
Posted in Credit Reports, Litigation and Court Decisions
The Federal Trade Commission (“FTC”) and the Consumer Financial Protection Bureau (“CFPB”) have filed a joint amicus brief in which they urge the U.S. Court of Appeals for the Second Circuit to reverse the decision of a New York federal court in Suluki v. Credit One Bank, NA. The agencies argue that the district court disregarded the Fair Credit Reporting Act’s (“FCRA”) requirement that a furnisher delete disputed information that it cannot verify. … Continue Reading
CFPB Launches FCRA Rulemaking to Eliminate Creditor Use of Medical Debt
On September 21, 2023, with limited time to digest the comments received by September 11, 2023 from the request for information regarding medical payment products, the Consumer Financial Protection Bureau (CFPB) started the FCRA rulemaking process. The press release describes a “rulemaking process to remove medical bills from Americans’ credit reports.”… Continue Reading
FTC Settles With Background Report Companies for FCRA Violations and Deceptive Acts
By Loran Kilson on
Posted in Fair Credit, FTC Enforcement
The Federal Trade Commission (“FTC”) on September 11, 2023, settled a claim against a group of affiliated entities operating a background reporting business, Instant Checkmate, LLC, TruthFinder, LLC, The Control Group Media Company, LLC, Intelicare Direct, LLC, and PubRec LLC (“background report companies” or “companies”) for alleged misrepresentations that deceived consumers about whether they had criminal records and for operating as a consumer reporting agency without following the requirements of the Fair Credit Reporting Act (“FCRA”).… Continue Reading
This week’s podcast episode: Responding to direct and indirect identity theft disputes under the FCRA: What are the differences?
By Barbara S. Mishkin on
Posted in Credit Reports
We first review the Fair Credit Reporting Act provisions that establish the different requirements for how a creditor or other furnisher of information to a credit bureau must respond to direct and indirect identify theft disputes involving credit report information reported by the furnisher to a credit bureau. A direct dispute is one made directly by the consumer to the furnisher and an indirect dispute is one made by the consumer to the credit bureau and then submitted to the furnisher by the credit bureau.… Continue Reading
CFPB announces plans to propose rule regulating data brokers under the FCRA
In remarks delivered yesterday at a roundtable convened by the White House on protecting Americans from harmful data broker practices, CFPB Director Chopra announced that the CFPB plans to propose a rule under the Fair Credit Reporting Act (FCRA) to address the practices of data brokers. In connection with Director Chopra’s announcement, the CFPB issued FAQs about its rulemaking plans. … Continue Reading
Republican and Democratic Attorneys General spar over implications for private employers of SCOTUS ruling on affirmative action; Ballard Spahr to hold webinar on SCOTUS ruling on Sept. 13
By Dee Spagnuolo on
As expected, the U.S. Supreme Court’s ruling in the Students for Fair Admissions Inc.’s lawsuit against Harvard University and the University of North Carolina, which challenged the constitutionality of the universities’ race conscious admission policies, has quickly created a division along ideological lines as to what the ruling means for workplace diversity, equity, and inclusion (DEI) initiatives, including in the financial services industry.… Continue Reading