CFPB To Redirect Mission and Focus Under New Leadership While Enforcing Consumer Protection Laws

Written By ESR News Blog Editor Thomas Ahearn On January 23, 2018, Mick Mulvaney, Acting Director of the Consumer Financial Protection Bureau (CFPB) – an agency of the U.S. government responsible for consumer protection in the financial sector – sent a memo to employees informing them that the CFPB would continue to fulfill its legal …

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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 …

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

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 …

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

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 …

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

  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).

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

  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 …

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CFPB Releases Report Detailing Problems in Credit Reporting Industry

  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 …

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CFPB Monthly Complaint Report for February Highlights Complaints about Credit Reports

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.

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

  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 …

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

  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 …

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