Tag Archives: Banks and financial institutions

JPMorgan Chase Granted Summary Judgment in FCRA Class Action Lawsuit over Background Checks

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Written By ESR News Blog Editor Thomas Ahearn

The U.S. District Court for the District of Arizona has granted JPMorgan Chase a summary judgment motion in a class action lawsuit that claimed the banking and financial services company violated the Fair Credit Reporting Act (FCRA) when obtaining Federal Bureau of Investigation (FBI) background checks, according to an article on the website of international law firm Troutman Sanders LLP. Continue reading

Wells Fargo Fined $185 Million for Secretly Opening Unauthorized Accounts

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Written By ESR News Blog Editor Thomas Ahearn

The Consumer Financial Protection Bureau (CFPB) has fined Wells Fargo Bank, N.A. $100 million – the largest penalty the CFPB ever imposed – as part of a total fine of $185 million “for the widespread illegal practice of secretly opening unauthorized deposit and credit card accounts,” according to a CFPB press release. Continue reading

Over Five Percent of Workers Turned Down for Jobs Due to Financial Background Checks

CreditReport

Written By ESR News Blog Editor Thomas Ahearn

A survey of more than 1,100 workers conducted by the National Financial Educators Council (NFEC) found 5.2 percent of respondents reported they were turned down for jobs due to their financial background while 26.3 percent reported employers ran financial background checks on them. Continue reading

Wells Fargo Settles Background Check Lawsuit for $12 Million

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Written By ESR News Blog Editor Thomas Ahearn

Wells Fargo Bank has agreed to a settlement of $12 million to resolve a class action lawsuit that claimed the financial institution allegedly violated the federal Fair Credit Reporting Act (FCRA) after denying employment to a job applicant based on the results of a background check report. Continue reading

Banks Have Special Obligation to Perform Background Checks when Hiring

 GovtRegulations

Written By ESR News Blog Editor Thomas Ahearn

Banks and financial entities have a special obligation to exercise care when hiring due to regulations and the need to maintain a workforce that clients will trust. To help with this task, Attorney Lester Rosen, founder and CEO of Employment Screening Resources (ESR), will present a Greg Souther Bank Webinar titled “Who is Your Bank Hiring: Trends, Legal Developments and Regulatory Obligations for Employment Background Checks” on Tuesday, November 17, 2015 from 2 PM to 4 PM Eastern Time (11AM to 1 PM Pacific Time). Continue reading

Consumer Reporting Fairness Act Would Help Fix Inaccurate Credit Reports

 CreditReport

Written By ESR News Blog Editor Thomas Ahearn

Legislation introduced in the U.S. Senate – S. 1773 – the “Consumer Reporting Fairness Act of 2015” – would require creditors to inform consumer reporting agencies (CRAs) that certain debts have been discharged in bankruptcy cases, making it easier for consumers who rid themselves of credit card debt to fix inaccurate credit reports that do not reflect a clean financial slate. The text of S. 1773 is available at https://www.congress.gov/bill/114th-congress/senate-bill/1773/text. Continue reading

New CFPB Report Reveals Top Consumer Complaints

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Written By ESR News Blog Editor Thomas Ahearn

The Consumer Financial Protection Bureau (CFPB) – the federal agency solely focused on consumer financial protection and consumer complaints – has released its initial Monthly Complaint Report to provide “a high-level snapshot of trends in consumer complaints.” Continue reading

Report Helps Build Fraud Resistant Organizations

Identity Theft & Fraud Blogs

Written By ESR News Blog Editor Thomas Ahearn

Just in time for International Fraud Awareness Week, which runs from November 16 to 22, a report from The Anti-Fraud Collaboration – ‘The Fraud-Resistant Organization: Tools, Traits, and Techniques to Deter and Detect Financial Reporting Fraud’ – provides information on how financial organizations can become less susceptible to fraud. The 56-page report is available at http://www.thecaq.org/docs/anti-fraud-collaboration-report/the-fraud-resistant-organization.pdf. Continue reading

FDIC Modifies Statement of Policy for Section 19 of Federal Deposit Insurance Act

In December of 2012, the Federal Deposit Insurance Corporation (FDIC) Board of Directors modified the Statement of Policy (SOP) for Section 19 of the Federal Deposit Insurance (FDI) Act which prohibits a person convicted of a criminal offense involving dishonesty, breach of trust, money laundering, or who has entered into a pretrial diversion program, from working at an FDIC-insured institution without prior written consent of the FDIC. The updated SOP for Section 19 of the FDI Act, which includes modifications the de minimis exceptions regarding the potential fine and the number of days of imprisonment, is available on the FDIC website at http://www.fdic.gov/news/news/financial/2013/fil13003.html. Continue reading

Safe Hiring Expert Lester Rosen Interviewed about Top 10 Background Check Trends for 2013

Attorney and safe hiring expert Lester Rosen, Founder and CEO of nationwide accredited background check firm Employment Screening Resources (ESR), was recently interviewed by Tom Field, Vice President of Editorial with Information Security Media Group, about the 6th annual ESR ‘Top 10 Background Check Trends for 2013.’ The interview with Rosen revealed a new emphasis on the accuracy of information in reports and use of criminal records by employers. To listen to the interview, visit the BankInfoSecurity.com website at http://www.bankinfosecurity.com/interviews/top-10-screening-trends-for-2013-i-1760. Continue reading