Tag Archives: CFPB

Court Rules Structure of CFPB is Unconstitutional

CFPB

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

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

CFPB Supervisory Highlights for Summer 2016 Include FCRA Adverse Action Notice Issues

CFPB logo spotlight

Written By ESR News Blog Editor Thomas Ahearn

The Consumer Financial Protection Bureau (CFPB) Supervisory Highlights for Summer 2016 publication features some issues related to adverse action notices that the federal Fair Credit Reporting Act (FCRA) requires users of background check reports to send to subjects of those reports when any adverse (i.e. negative) action is taken against them based on information contained in the background check report. Continue reading

Senator Requests Information from Consumer Reporting Agencies about Consumer Protection

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Written By ESR News Blog Editor Thomas Ahearn

U.S. Senator Claire McCaskill (D-Missouri) has written a letter to 21 Consumer Reporting Agencies (CRAs) requesting information about the uses of specialty consumer reports and examining the practices of specialty CRAs after receiving complaints from individuals who encountered trouble removing incorrect information from – or even learning about the contents of – their specialty consumer reports, according to a news release on Senator McCaskill’s website. Continue reading

CFPB Monthly Complaint Report Spotlights Errors on Credit Reports

CreditReport

Written By ESR News Blog Editor Thomas Ahearn

The Consumer Financial Protection Bureau (CFPB) has released the Monthly Complaint Report for May 2016 that shows consumers continue to complain about incorrect information on their credit reports as well as the difficulty they face in having these errors corrected. The CFPB has handled approximately 143,700 complaints about credit reports since they began accepting credit reporting complaints in October 2012. Continue reading

CFPB Issues Compliance Bulletin on FCRA Requirements for Data Furnishers

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Written By ESR News Blog Editor Thomas Ahearn

The Consumer Financial Protection Bureau (CFPB) has issued Compliance Bulletin 2016-01 regarding compliance with the federal Fair Credit Reporting Act (FCRA) that emphasizes the obligation of data furnishers under Regulation V to establish and implement written policies and procedures regarding the accuracy and integrity of information being furnished to Consumer Reporting Agencies (CRAs). Continue reading

Government Oversight and Enforcement of Accuracy in Background Check Industry to Increase in 2016

ESR Top Ten Background Check Trends for 2016

Written By ESR News Blog Editor Thomas Ahearn

There will be increased governmental oversight and enforcement of the background check industry, with a particular focus on issues involving the accuracy of information contained in background check reports, from federal agencies such as the Consumer Financial Protection Bureau (CFPB) in 2016. This is the number 1 trend selected by Employment Screening Resources® (ESR) Founder and CEO Attorney Lester Rosen for the 9th annual ESR Top Ten Background Check Trends for 2016. Continue reading

Background Screening Firms, Human Resources, and Employers Will Be Focused on Legal Compliance and Accuracy in 2016

 ESR Top Ten Background Check Trends for 2016

Written By ESR News Blog Editor Thomas Ahearn

Due to increased pressure and scrutiny from both the federal government and private attorneys seeking multi-million dollar judgments, background screening firms, human resources (HR) professionals, and employers will be focused on legal compliance and accuracy issues in 2016. This is the number 5 trend selected by Employment Screening Resources® (ESR) Founder and CEO Attorney Lester Rosen for the 9th annual ESR Top Ten Background Check Trends for 2016. Continue reading

CFPB Orders Background Check Firms to Pay $13 Million for Alleged Inaccurate Reports

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Written By ESR News Blog Editor Thomas Ahearn

The Consumer Financial Protection Bureau (CFPB) is ordering two of the nation’s largest employment background check firms to correct their practices, provide $10.5 million in relief to harmed consumers, and pay a $2.5 million civil penalty for allegedly failing to take steps to ensure the information they reported about job applicants was accurate, according to a news release on the CFPB website. Continue reading

CFPB Finds Complaints about Credit Reports Rising Sharply

 CreditReport

Written By ESR News Blog Editor Thomas Ahearn

The Consumer Financial Protection Bureau (CFPB) has released its Monthly Complaint Report that found complaints about credit reports sharply increased compared to the prior month and the prior year. The CFPB Monthly Complaint Report can be found at: http://files.consumerfinance.gov/f/201508_cfpb_monthly-complaint-report-vol-2.pdf. Continue reading