Tag Archives: CFPB

President Trump Designates OMB Director Mick Mulvaney as Acting Director of CFPB Amid Controversy

Written By ESR News Blog Editor Thomas Ahearn

On November 27, 2017, the White House released a statement supporting the legality of President Donald J. Trump’s designation of Mick Mulvaney, the Director of the Office of Management and Budget (OMB), as the Acting Director of the Consumer Financial Protection Bureau (CFPB) just days after the CFPB announced that Leandra English had been officially named Deputy Director of the agency. Continue reading

CFPB Orders Bank to Pay $4.6 Million Penalty for Violating FCRA Requirements for Checking Account Screening Reports

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Written By ESR News Blog Editor Thomas Ahearn

On August 2, 2017, the Consumer Financial Protection Bureau (CFPB) ordered JPMorgan Chase Bank, N.A. to pay a $4.6 million penalty for failing to comply with obligations outlined in the federal Fair Credit Reporting Act (FCRA) related to the accuracy of information about consumer checking account behavior provided for checking account screening reports, according to a news release on the CFPB website. Continue reading

Judge Grants CFPB Petition Enforcing Demand for Information from Public Records Company

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Written By ESR News Blog Editor Thomas Ahearn

A federal judge in Texas has ordered a company located in the state that compiles public records to turn over information requested in a Civil Investigative Demand (CID) issued by the Consumer Financial Protection Bureau (CFPB) as part of a nonpublic investigation to determine whether consumer reporting agencies (CRAs) are violating the federal Fair Credit Reporting Act (FCRA). Continue reading

Three Major Credit Reporting Agencies to Implement Enhanced Public Record Data Standards on July 1

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Written By ESR News Blog Editor Thomas Ahearn

Three major national credit reporting agencies in the United States – Equifax, Experian, and TransUnion – will implement enhanced public record data standards for consumer credit reports beginning on July 1, 2017, according to a statement from the Consumer Data Industry Association (CDIA). Continue reading

CFPB Fines Credit Reporting Agency $3 Million for Deceiving Consumers about Credit Scores

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Written By ESR News Blog Editor Thomas Ahearn

The Consumer Financial Protection Bureau (CFPB) has ordered one of the nation’s three largest credit reporting agencies, Experian, to pay a civil penalty of $3 million for deceiving consumers about the use of credit scores it sold to them, according to a report on the CFPB website. Continue reading

CFPB Releases Report Detailing Problems in Credit Reporting Industry

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Written By ESR News Blog Editor Thomas Ahearn

The Consumer Financial Protection Bureau (CFPB) has released a special report that details the problems in the credit reporting industry that the CFPB has uncovered and corrected through oversight work and outlines actions the CFPB has taken to address these problems such as fixing data accuracy at credit reporting companies, repairing the broken dispute process, and cleaning up information being reported. Continue reading

CFPB Monthly Complaint Report for February Highlights Complaints about Credit Reports

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Written By ESR News Blog Editor Thomas Ahearn

The Consumer Financial Protection Bureau (CFPB) has released the Monthly Complaint Report for February 2017 that highlights consumer complaints about credit reports and shows how consumers continue to report struggling to resolve errors on their credit reports. The report is at http://files.consumerfinance.gov/f/documents/201702_cfpb_Monthly-Complaint-Report.pdf. Continue reading

CFPB Orders TransUnion and Equifax to Pay for Deceiving Consumers about Credit Scores

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Written By ESR News Blog Editor Thomas Ahearn

The Consumer Financial Protection Bureau (CFPB) has ordered TransUnion and Equifax, Inc. to pay a total of more than $17.6 million in restitution to consumers, along with fines totaling $5.5 million to the CFPB, for deceiving consumers about the usefulness and actual cost of credit scores they sold to consumers, according to a news story on the CFPB website. Continue reading

Financial Institutions Will Seek Stronger Security Measures from Screening Providers including SOC 2 Reports and NAPBS Accreditation

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Written By ESR News Blog Editor Thomas Ahearn

With data breaches front page news in 2016, industries dealing with sensitive and confidential information – especially in the financial sector – know ensuring data security from third party service providers is mission critical. The fact that businesses including banks and financial institutions will seek stronger security measures such as SSAE 18 Service Organization Control (SOC) 2® reports and accreditation from National Association of Professional Background Screeners (NAPBS®) from screening providers is Trend Number 3 in the Employment Screening Resources® (ESR) 10th annual ‘ESR Top Ten Background Check Trends’ for 2017. Continue reading

Court Rules Structure of CFPB is Unconstitutional

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Written By ESR News Blog Editor Thomas Ahearn

The U.S. Court of Appeals for the District of Columbia Circuit has ruled the structure of an independent agency established by Congress in the Dodd-Frank Act of 2010 – the Consumer Financial Protection Bureau (CFPB) – is unconstitutional and that the current CFPB Director “enjoys more unilateral authority than any other officer in any of the three branches of the U.S. Government, other than the President.” Continue reading