CFPB, Federal Agencies, State Agencies, and Attorneys General
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
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
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. 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:
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
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
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
The CFPB has released the Spring 2024 edition of Supervisory Highlights. The report discusses CFPB examinations in connection with credit reporting and furnishing that were completed from April 1, 2023 through December 31, 2023.
Key findings by CFPB examiners are described below.
Examinations of credit reporting companies (CRCs) found the following deficiencies:
The CFPB published its Consumer Response Annual Report for 2023, which discusses the consumer complaints received by the CFPB in that year and how companies responded to those complaints. The CFPB monitors consumers’ complaints and companies’ responses in order to glean information about the types of challenges consumers are experiencing with financial products and services.… Continue Reading
As previously reported, in 2023 bills were introduced in the U.S. House of Representatives (H.R. 4198) and the U.S. Senate (S. 3502) to amend the Fair Credit Reporting Act (FCRA) to curtail the practice of trigger leads with mortgage loans. While the goals of the bills are the same, the language of the bills differ.… Continue Reading
