CFPB, Federal Agencies, State Agencies, and Attorneys General
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:…
Four 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:
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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…
Consumer advocacy groups are questioning the purported benefits of H.R. 435 the “Credit Access and Inclusion Act of 2017,” a bill that passed with bipartisan support in the House of Representatives in June, and is currently under consideration by the Senate. The new law would amend the Fair Credit Reporting Act (“FCRA”) to…
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 …
Politico has reported that on July 19, the Senate Banking Committee will hold a hearing on President Trump’s nomination of Kathy Kraninger to serve as CFPB Director. While we find this surprising, we continue to believe that she will not be confirmed by the full Senate until after the mid-term elections.
Politico also reported that…
The CFPB announced that it has entered into a consent order with Security Group Inc. and its subsidiaries (Security Group) to settle an administrative enforcement action that charged the companies with having engaged in unlawful debt collection and credit reporting practices. The consent order requires Security Group to pay a civil money penalty of $5…
This week, New York Governor Andrew Cuomo issued a press release directing the New York Department of State to issue a new regulation impacting consumer reporting agencies. The new regulation was adopted on an emergency basis and went into immediate effect in order to protect consumers from identity theft and other potential economic harms that…
Last week, New York Governor Andrew Cuomo issued a press release directing the New York Department of Financial Services (“NYDFS”) to impose new rules on consumer reporting agencies (“CRAs”). The proposed regulation would subject CRAs that issue consumer reports (as defined in a manner similar to the federal Fair Credit Reporting Act) about consumers…
The CFPB recently released a “Special Edition” of its Supervisory Highlights that focuses exclusively on data accuracy issues in consumer credit reporting and the handling and resolution of consumer disputes. The report describes the observations of CFPB examiners during examinations of both consumer reporting agencies and the creditors and other companies that furnish information to…
