CFPB, Federal Agencies, State Agencies, and Attorneys General
Two bills relevant to consumer finance have been passed by the New York Assembly and Senate and are awaiting Governor Cuomo’s signature.
The first bill, S3704, would amend New York’s plain language requirement to extend its application to consumer contracts involving up to $250,000. The requirement currently does not apply to consumer contracts involving more than $100,000. … Continue Reading
The CFPB has issued a new report on tradelines reported by third-party debt collectors as reflected on credit reports compiled by nationwide consumer reporting agencies. The third-party collector tradelines consist of those reported by debt buyers and those reported by non-buyers (i.e. where the debt is still owned by the original creditor). … Continue Reading
Three more bills dealing with credit reporting were passed on Tuesday by the House Financial Services Committee. Like the four bills passed by the Committee last week, none of the bills passed yesterday received any Republican votes.
The bills, which are listed below, would make various amendments to the FCRA, including those described below:
… Continue ReadingFour bills dealing with credit reporting were passed last Thursday by the House Financial Services Committee. While there has been bipartisan support for credit reporting reform, none of the bills received any Republican votes.
The bills, which are listed below, would make various amendments to the FCRA, including those described below:
The FTC has issued a final rule to implement a 2018 amendment to the FCRA made by the Economic Growth, Regulatory Relief, and Consumer Protection Act that requires nationwide consumer reporting agencies (CRAs) to provide free electronic credit monitoring service for active duty military consumers. The rule will be effective 30 days after its publication in the Federal Register, with mandatory compliance required three months after the effective date. … Continue Reading
The Federal Trade Commission (“FTC”) recently rescinded several Model Forms and Disclosures associated with the Fair Credit Reporting Act (“FCRA”), determining they are no longer necessary, given that the CFPB has issued its own model forms and disclosures. The FTC forms that have been rescinded and the corresponding CFPB forms that now apply are as follows:
The CFPB has published two final rules in today’s Federal Register, one dealing with civil penalty adjustments and the other with allowable charges for FCRA disclosures. Both rules are effective immediately.
Civil penalty adjustments. The CFPB’s final rule finalizes an interim final rule (IFR) it published in November 2016 to create 12 C.F.R.… Continue Reading
At the end of last week, the CFPB announced that it had entered into a consent order with State Farm Bank, FSB to settle allegations that the Bank violated the Fair Credit Reporting Act, Regulation V, and the Consumer Financial Protection Act in connection with furnishing information to consumer reporting agencies (CRAs ) and obtaining and using consumer reports. … Continue Reading
Earlier this week, the CFPB’s Office of Research released its third “Data Point” report on Americans who are “credit invisible” – that is, those without an established credit history with the three national credit reporting agencies – and who therefore cannot be scored by most traditional credit scoring models. The report, entitled “The Geography of Credit Invisibility,” focuses on the geographic concentrations of credit invisible consumers, to determine whether there are “credit deserts” in which access to credit is largely absent, leading to consumers in those areas being unable to become “credit visible” by establishing a credit history.… Continue Reading
The New York Department of Financial Services (“NYDFS”) has adopted a regulation that requires “consumer credit reporting agencies” (“CCRAs”) to register with the NYDFS, prohibits CCRAs from engaging in certain practices, and requires CCRAs to comply with certain provisions of the NYDFS cybersecurity regulation.
The new regulation became effective upon the publication of a Notice of Adoption by the NYDFS in the State Register on July 3, 2018. … Continue Reading
