The CFPB has issued its August 2015 complaint report, the second in its new series of monthly complaint reports.  When it announced the launch of the new reports last month, the CFPB stated that each report would spotlight a particular product and geographic location.  The August 2015 spotlights credit reporting complaints and complaints from consumers in the Los Angeles, California metro area.… Continue Reading

The law firm Covington & Burling LLP has filed a Freedom of Information Act (FOIA) lawsuit against the CFPB in Washington, D.C. federal district court seeking  information relating to the CFPB’s report on, “Consumer Voices on Credit Reports and Scores.”  Covington argues that the information requested, “is necessary for the public to verify the quality of the study’s methodology.” … Continue Reading

The CFPB recently released a report that documents the results of a research project undertaken by the CFPB’s Office of Research to better understand the demographic characteristics of consumers without traditional credit reports or credit scores.  The Report concludes that the current credit reporting system is precluding certain populations from accessing credit and taking advantage of other economic opportunities. … Continue Reading

The CFPB’s Community Bank Advisory Council is scheduled to meet in Washington, D.C. on April 22, 2015.  According to the meeting agenda, following a welcome by Director Cordray, there will be a discussion of credit scores and credit reporting, and its implications for small financial institutions.  That discussion will be led by Corey Stone, the CFPB’s Assistant Director, Credit Information and Deposits Markets.… Continue Reading

In conjunction with its field hearing today on medical debt collection, the CFPB released a study that “describes characteristics of the medical and non-medical collections tradelines on consumers’ credit reports and the processes by which they appear and disappear.”  However, what deserves to be the headline grabber is the CFPB’s accompanying announcement that “the major consumer reporting agencies will be required to provide regular accuracy reports to the Bureau on how disputes from consumers are being handled.” … Continue Reading

The CFPB and the FTC have announced that the agencies will host a joint roundtable entitled, “Debt Collection and the Latino Community,” on October 23, 2014. The roundtable will examine how debt collection and credit reporting issues affect Latino consumers, especially those who have limited English proficiency (LEP). Consumer advocates, industry representatives, state and federal regulators, and academics have been invited to exchange information on a range of issues.… Continue Reading

On Wednesday, September 10, the House Financial Services Committee will hold a hearing entitled “An Overview of the Credit Reporting System.” The scheduled witnesses are:

  • Stuart Pratt, President and Chief Executive Officer, Consumer Data Industry Association
  • J. Howard Beales, Professor of Strategic Management and Public Policy, George Washington University
  • John A.
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Yesterday, the CFPB announced a consent order with First Investors Financial Services Group, Inc., an auto finance company that both makes loans to consumers and purchases retail installment sale contracts from auto dealers. Under the terms of the consent order, First Investors agreed to pay a $2.75 million civil penalty relating to allegations that it knowingly failed to fix flaws in a computerized credit reporting system it had purchased from a third-party vendor.… Continue Reading

Credit reporting was the first industry targeted by the CFPB using its “larger participant” supervisory authority. As demonstrated by the CFPB’s actions last week, credit reporting continues to be a high CFPB priority and is likely to remain as such for the foreseeable future.

On February 27, CFPB Director Richard Cordray delivered remarks before a meeting of the CFPB’s Consumer Advisory Board.… Continue Reading

The CFPB showed its strong support for the Consumer Federation of America (CFA) during the first day of the CFA’s 2013 Financial Services Conference entitled, “The Consumer in the Financial Services Revolution.” CFPB Director Richard Cordray delivered a keynote address during which he stated that, “The Consumer Federation of America has been one of our foremost and fiercest allies for consumers … It is a special treat for me to speak today with a group that is so closely aligned to our own goals.”… Continue Reading