CFPB Deputy Director Zixta Martinez recently provided the opening remarks at the CFPB’s Academic Research Council meeting. In her remarks, Martinez emphasized the CFPB’s role as a data-driven agency and welcomed further discussion of state payday extended payment plans and of the inclusion of medical debt in credit reports—two topics that have garnered renewed public
credit report
CFPB takes aim at three largest nationwide consumer reporting agencies in new report
The CFPB’s new annual report of credit and consumer reporting complaints, required by Section 611(e) of the FCRA, criticizes the three largest nationwide consumer reporting agencies (NCRAs) for allegedly failing to meet their FCRA obligations to it and for engaging in practices that have led to a significant increase in the volume of consumer…
CFPB issues advisory opinion on use of “name-only matching” by consumer reporting agencies; Director Chopra warns of enforcement consequences
The CFPB has issued an advisory opinion that affirms that the use of “name-only matching” by consumer reporting agencies, including tenant and employment screening companies, does not satisfy the FCRA requirement for a CRA ”to follow reasonable procedures to assure maximum possible accuracy of the information concerning the individual about whom the [consumer] report relates.” …
CFPB issues report on credit report disputes
The CFPB recently published a new report, “Disputes on Consumer Credit Reports.” Using data on auto loan, student loan, general purpose credit card, and retail card accounts opened between 2012 and 2019, the report looks at the demographic characteristics of disputers and the outcomes for accounts with dispute flags. The report is yet…
CFPB issues report on furnishing of actual payment data to consumer reporting agencies
The CFPB has issued a report titled “Payment Amount Furnishing & Consumer Reporting” that highlights changes since 2012 in the furnishing of actual payment data to consumer reporting agencies.
The report indicates that:
- Since 2012, the share of auto, student loan, and mortgage tradelines with actual payment data has generally trended upward. The
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This week’s podcast: A discussion of recent developments involving credit reporting, with special guest Eric Ellman, Senior Vice President for Public Policy and Legal Affairs, Consumer Data Industry Association
Topics discussed include: CFPB plans to conduct a new study on credit reporting accuracy; FTC efforts to address unlawful practices by credit repair companies and abuse of identity theft reports; FTC focus on FCRA Red Flags Rule enforcement and how companies can avoid FTC scrutiny; considerations for companies in approaching CARES Act compliance through suppression…
CFPB Summer 2020 Supervisory Highlights looks at consumer reporting, debt collection, deposits, fair lending, mortgage servicing, and payday lending
The CFPB has released the Summer 2020 edition of its Supervisory Highlights. The report discusses the Bureau’s examinations in the areas of consumer reporting, debt collection, deposits, fair lending, mortgage servicing, and payday lending that were completed between September 2019 and December 2019.
Key findings are described below.
Consumer reporting. CFPB examiners found:…
AFSA files amicus brief in support of trade association preemption challenge to Maine credit reporting law
The American Financial Services Association (AFSA) recently filed an amicus brief in Maine federal court in support of the motion for judgment on the record filed by the Consumer Data Industry Association (CDIA) in CDIA’s lawsuit seeking a declaratory judgment that two 2019 amendments to Maine’s credit reporting law are preempted by the federal Fair…
Credit reporting trade association seeks injunction to block NJ law requiring credit reports to be made available in multiple languages
The Consumer Data Industry Association (CDIA), the world’s largest trade association whose members include consumer reporting agencies operating in the United States and throughout the world, has filed a lawsuit against the New Jersey Attorney General seeking an injunction to block enforcement of revisions to New Jersey law that require nationwide consumer reporting agencies (NCRAs)…
CFPB and FTC to host workshop on credit report accuracy
The CFPB announced that it will host a public workshop with the FTC on December 10, 2019 to discuss issues affecting the accuracy of both traditional credit reports and employment and tenant background screening reports.
According to the announcement, the workshop “seeks to bring together stakeholders – including industry representatives, consumer advocates, and regulators –…