Apparently building off the comments it received about complaint intake as well as its prior revisions to the complaint portal, on June 24, 2026, the Consumer Financial Protection Bureau (CFPB) issued a press release announcing a series of significant reforms to its consumer complaint system, particularly with respect to credit reporting complaints.… Continue Reading
Credit Reports
Senator Hawley Investigating FICO Credit Score Pricing Practices and Urging FTC to Investigate as Well
Senator Josh Hawley (R-MO) recently sent a letter to Fair Isaac Corporation announcing that as Chairman of the Senate Judiciary Subcommittee on Crime and as a member of the Subcommittee on Antitrust, Competition Policy, and Consumer Rights, he is investigating the company’s pricing practices in the mortgage credit scoring market.
Fair Isaac generates a consumer credit score known as FICO, which the Senator notes “dominates the credit scoring market with a product used by 90% of lenders, potentially commanding an even larger market share for first-time home buyers.”… Continue Reading
CFPB says FCRA prohibits states from regulating content of credit reports
Posted in CFPB Rulemaking, Credit Reports
The CFPB has issued an interpretive rule that says the federal Fair Credit Reporting Act (FCRA) preempts states from regulating broad areas of credit reporting.
“Congress meant to occupy the field of consumer reporting and displace [state] laws within that field,” the bureau said, in the rule that went into effect on October 28.… Continue Reading
TransUnion subsidiary Argus Information and Advisory Services agrees not to seek business with CFPB for three years
By Ballard CFS Group on
Posted in CFPB Enforcement, Credit Reports
Argus Information and Advisory Services, a subsidiary of TransUnion, has agreed that it will not seek any government contracts with the CFPB for three years, following action by several government agencies.
Argus analyzes credit card and credit report data along with certain economic data to provide benchmarking and market analysis products to commercial and government clients.… Continue Reading
CFPB issues medical debt rule; regulation immediately challenged in federal court
Posted in CFPB Rulemaking, Credit Reports
The CFPB has issued its final rule that will prohibit the inclusion of medical debts in credit reports lenders use to make credit decisions and that will also generally prohibit lenders from using medical debt information in making credit decisions.
But the rule faces challenges on several fronts.
“People who get sick shouldn’t have their financial future upended,” said CFPB Director Rohit Chopra, in issuing the rule.… Continue Reading
CFPB plans to issue proposed rule mitigating the financial consequences to abuse survivors
Posted in CFPB Rulemaking, Credit Reports
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.
The bureau has issued an Advance Notice of Proposed Rulemaking (ANPR) to gather input on potential amendments to the regulation that implements the Fair Credit Reporting Act.… Continue Reading
California Gov. Newsom signs array of consumer protection bills
By Reid F. Herlihy & John A. Kimble on
California Gov. Gavin Newsom has signed legislation covering a range of consumer protection issues. The bills aim to “strengthen protections for consumers, addressing issues that have put financial strain on Californians while setting new standards for transparency and accountability across industries.”
The legislative package includes the following bills:
- AB 2017 prohibits state-chartered banks and credit unions from charging nonsufficient funds fees when a transaction is declined instantaneously or near instantaneously for insufficient funds.
CFPB issues proposal to prohibit use of medical debt information in credit decisions
The steady drumbeat of steps during Rohit Chopra’s tenure as CFPB Director to call into question the reliability and predictability of medical debt information in credit underwriting reached a crescendo last week with the CFPB’s issuance of a proposed rule to eliminate the exception in Regulation V (which implements the Fair Credit Reporting Act) that currently allows creditors to obtain and use medical debt information in connection with credit eligibility determinations. … Continue Reading
CFPB Director Addresses Credit Report Fees Before the Mortgage Bankers Association
By Loran Kilson & Richard J. Andreano, Jr. on
As part of the CFPB’s crusade against junk fees, CFPB Director, Rohit Chopra addressed credit report fees in prepared remarks at the Mortgage Bankers Association’s Secondary & Capital Markets Conference & Expo 2024. While Director Chopra began his remarks by commenting on the increasing cost of mortgage loan transactions, stating that both consumers and lenders are negatively affected, he focused most of his remarks on the increasing costs of obtaining consumer credit reports.… Continue Reading
CFPB issues letters in support of Connecticut and California bills on medical debt reporting; Connecticut bill enacted
By Ballard CFS Group on
The Consumer Financial Protection Bureau (CFPB) has issued two letters in support of state efforts to prohibit medical debt reporting. In March 2024, CFPB Director Rohit Chopra sent a letter to the California State Senate in support of Senate Bill 1061, which would prohibit the practice of including medical bills on credit reports.… Continue Reading