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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…

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)…

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 –…

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…

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…

The CFPB announced that it has entered into a consent order with Experian, a consumer reporting agency, for allegedly engaging in the deceptive marketing of credit scores in violation of the Consumer Financial Protection Act’s prohibition against unfair, deceptive, or abusive acts or practices.  The consent order also settles allegations that the company displayed advertisements…

The CFPB has praised an announcement by FICO that it will make credit scores available to financially struggling consumers through nonprofit credit and financial counseling organizations as “a step in the right direction” that will allow “millions of consumers…to receive the credit scores and credit reports that nonprofit credit counselors purchase on their behalf.”  In…

A follow-up report on credit report accuracy issued this week by the Federal Trade Commission is likely to be cited by the CFPB as additional support for the CFPB’s concerns about inaccurate credit reporting.  In December 2014, that concern resulted in the CFPB’s imposition of a new requirement on major consumer reporting  agencies to provide…

In its Spring 2014 Supervisory Highlights report issued yesterday, the CFPB highlighted deficiencies and violations it found during examinations of consumer reporting agencies (CRAs), debt collectors and payday lenders.  The CFPB has authority to examine entities that qualify as “larger participants” under the final rules it adopted to supervise participants in the debt collection and…

According to a report issued yesterday by the CFPB entitled “Data point: Medical debt and credit scores,” credit scoring models may be overly penalizing consumers with medical debts that go into collection by producing credit scores that underestimate such consumers’ creditworthiness. 

To conduct its analysis, the CFPB used data in its Consumer Credit Panel (CCP). …