Today, the Consumer Financial Protection Bureau (CFPB) released an annual report that details improvements and deficiencies in the nationwide consumer reporting companies’ responses to consumer complaints transmitted by the CFPB.
Today, the Consumer Financial Protection Bureau (CFPB) issued a legal interpretation to ensure that companies that use and share credit reports and background reports have a permissible purpose under the Fair Credit Reporting Act.
Today, the Consumer Financial Protection Bureau (CFPB) issued a final rule to help survivors avoid some of the financial consequences of human trafficking. The CFPB has established, among other things, a method for survivors of trafficking to submit documentation to credit reporting companies that identifies any adverse item of information that resulted from human trafficking. The rule prohibits credit reporting companies from providing a report containing the adverse items of information.
Director Chopra’s Prepared Remarks on the Repeat Offender Lawsuit Against TransUnion and John Danaher
Today, the Consumer Financial Protection Bureau (CFPB) has filed a major lawsuit against repeat offender TransUnion, two of its subsidiaries, and a longtime executive, John T. Danaher, for violating a 2017 law enforcement order.
Today, the Consumer Financial Protection Bureau (CFPB) is using its rulemaking authority to propose that consumer reporting agencies (CRAs) do not prevent survivors of human trafficking from achieving financial independence. The proposed rule would protect survivors of human trafficking by preventing CRAs from including negative information resulting from abuse. Congress required the CFPB to issue rules as part of the recently-enacted Debt Bondage Repair Act.
The Consumer Financial Protection Bureau (CFPB) today released a bulletin reminding debt collectors and credit bureaus of their legal obligations in light of the No Surprises Act, which protects consumers from certain unexpected medical bills.
CFPB Releases Report Detailing Consumer Complaint Response Deficiencies of the Big Three Credit Bureaus
A new analysis by the Consumer Financial Protection Bureau (CFPB) reveals how changes in complaint responses provided by nationwide consumer reporting companies resulted in fewer meaningful responses and less consumer relief. In 2021, Equifax, Experian, and TransUnion together reported relief in response to less than 2% of covered complaints, down from nearly 25% of covered complaints in 2019.
The Consumer Financial Protection Bureau (CFPB) today released research finding that consumers in majority Black and Hispanic neighborhoods, as well as younger consumers and those with low credit scores, are far more likely to have disputes appear on their credit reports.
Consumer Financial Protection Bureau Sues 1st Alliance Lending, LLC and Its Principals for Alleged Unlawful Mortgage Lending Practices
On January 15, 2021, the Consumer Financial Protection Bureau filed a lawsuit against 1st Alliance Lending, LLC, John Christopher DiIorio, Kevin Robert St. Lawrence, and Socrates Aramburu for allegedly engaging in various unlawful mortgage-lending practices.
Consumer Financial Protection Bureau Settles with Santander Consumer USA Inc. for Credit Reporting Violations in Connection with Its Auto Loans
On December 22, 2020, the Consumer Financial Protection Bureau issued a consent order against Santander Consumer USA Inc. to address the Bureau’s finding that it violated the Fair Credit Reporting Act.
Consumer Financial Protection Bureau Announces Settlement with TD Bank for Illegal Overdraft Practices
The Consumer Financial Protection Bureau announced a settlement with TD Bank, N.A. regarding its marketing and sale of its optional overdraft service: Debit Card Advance (DCA).
The Consumer Financial Protection Bureau released a policy statement outlining the responsibility of credit reporting companies and furnishers during the COVID-19 pandemic.
Consumer Financial Protection Bureau Settles with Short-Term Lender for Unfair and Deceptive Acts and Practices
The Consumer Financial Protection Bureau announced a settlement with Cottonwood Financial, Ltd., which does business under the name Cash Store, on April 1, 2020.
CFPB announced the panels for its December 10, 2019 workshop, cohosted with the Federal Trade Commission (FTC), to examine issues affecting the accuracy of traditional credit reports.
The Consumer Financial Protection Bureau (Bureau) filed a proposed stipulated judgment with Sterling Infosystems, Inc. to resolve allegations that Sterling violated the Fair Credit Reporting Act (FCRA).
The Consumer Financial Protection Bureau (Bureau) released a report today that found that more than one-in-four consumers with a credit report have at least one debt in collection by third-party debt collectors.
Company Violated the Fair Credit Reporting Act and Consumer Financial Protection Act in Furnishing Consumer-Report Information and Obtaining and Using Consumer Reports
The Bureau of Consumer Financial Protection (Bureau) today issued an interim final rule updating two model disclosures to reflect changes made to the Fair Credit Reporting Act (FCRA) by recent legislation.