Search results for: CRA

The CFPB has proposed a rule that it promotes as ensuring that Fair Credit Reporting Act (FCRA) protections are applied to sensitive consumer information that the statute was designed to protect, including information sold by data brokers. However, the proposal is much broader than a data broker rule and could have far reaching implications, including what is considered a consumer report, who is considered a consumer reporting agency, and specific requirements to qualify for the written authorization permissible purpose that are not provided for in the FCRA. … Continue Reading

On December 3, 2024, the Consumer Financial Protection Bureau (CFPB) published its long-anticipated proposed rule aimed at regulating data brokers under the Fair Credit Reporting Act (FCRA).  Although the CFPB’s future is uncertain under the upcoming administration, if implemented, the rule would significantly expand the reach of the FCRA. 

In the accompanying press release, the CFPB stated that its “proposal would ensure data brokers comply with federal law and address critical threats from current data broker practices, including” national security and surveillance risks; criminal exploitation; and violence, stalking, and personal safety threats to law enforcement personnel and domestic violence survivors. … Continue Reading

Sen. Elizabeth Warren, D-Mass., an advocate of a strict financial regulatory regime, will become the top Democrat on the Senate Banking, Housing and Urban Affairs Committee in the next Congress.

Sen. Sherrod Brown, D-Ohio., had been the chair of the Committee. However, Brown lost his bid for reelection and Democrats lost majority control of the Senate—resulting in Sen.… Continue Reading

Federal banking regulators are asking the Fifth Circuit Court of Appeals to lift a Texas court injunction barring implementation of new Community Reinvestment Act (CRA) rules.

In asking the court to lift the injunction, the FDIC, OCC and Federal Reserve Board contend that U.S. District Judge Matthew Kacsmaryk erred by finding that only the geographic area around a bank’s physical facilities should be taken into account when assessing the financial institution’s record of meeting community needs under the CRA.… Continue Reading

On February 5, 2024, several national and Texas banking and business trade groups (Plaintiffs) filed a lawsuit challenging the final regulations (Final Rules) implementing the Community Reinvestment Act of 1977 (CRA) that were jointly adopted in October 2023 by the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Federal Reserve Board (Agencies).… Continue Reading

Following a year of new DOJ policies and guidance designed to incentivize companies to self-report misconduct and to cooperate with government investigations, the DOJ has added a new pilot whistleblower rewards program.  In their remarks at the American Bar Association’s 39th Annual National Institute on White Collar Crime, Deputy Attorney General Lisa Monaco and Acting Assistant Attorney General Nicole Argentieri both explained that the new whistleblower policy is designed to incentivize individuals to disclose corporate misconduct through financial rewards from any resulting forfeiture of criminal proceeds. … Continue Reading

On February 15, 2024, Senators Sherrod Brown (D-OH), Jack Reed (D-RI) and Elizabeth Warren (D-MA) sent a letter to Zelle seeking clarification of its reimbursement policy for victims of imposter scams and urging Zelle to publicize its fraud policies to consumers and clarify whether all participating banks must reimburse eligible victims.… Continue Reading

On January 11, 2024, the Consumer Financial Protection Bureau (CFPB) issued two new advisory opinions: Fair Credit Reporting; Background Screening and Fair Credit Reporting; File Disclosure. The advisory opinions are part of the CFPB’s ongoing efforts to clean up what the CFPB describes in its press release as allegedly “sloppy” credit reporting practices and ensure credit report accuracy and transparency to consumers.… Continue Reading

The CFPB recently filed two amicus briefs, one in a First Circuit case involving the Fair Debt Collection Practices Act (FDCPA) and the other, which was filed jointly with the Federal Trade Commission, in a Fourth Circuit case involving the Fair Credit Reporting Act (FCRA).

FDCPA.  The FDCPA case is Carrasquillo v.… Continue Reading