CFPB and FTC Announce $700 Million Settlement with Equifax Over 2017 Data Breach

Written By ESR News Blog Editor Thomas Ahearn On July 22, 2019, the Consumer Financial Protection Bureau (CFPB), the Federal Trade Commission (FTC), and 48 states, the District of Columbia, and Puerto Rico announced a settlement with Equifax that will provide up to $700 million in monetary relief and penalties for a data breach in …

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GAO Report Recommends Stronger Oversight of CRAs to Protect Consumers against Data Breaches

Written By ESR News Blog Editor Thomas Ahearn On March 29, 2019, United States Senator Elizabeth Warren (D-MA) and Chairman of the House Oversight and Reform Committee Elijah Cummings (D-MD) released the findings of a report entitled “Actions Needed to Strengthen Oversight of Consumer Reporting Agencies” that focused on federal regulation of consumer reporting agencies …

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CFPB Announces Ceiling on Charges for FCRA Disclosures Increased in 2019

Written By ESR News Blog Editor Thomas Ahearn On December 31, 2018, the Consumer Financial Protection Bureau (CFPB) – the agency responsible for consumer protection in the financial sector – announced the ceiling on allowable charges for disclosures under the federal Fair Credit Reporting Act (FCRA) had increased from $12.00 to $12.50, effective for 2019.

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CFPB Settles with Bank for Violating FCRA by Obtaining Consumer Reports without Permissible Purpose

Written By ESR News Blog Editor Thomas Ahearn On December 6, 2018, the Consumer Financial Protection Bureau (CFPB) – the U.S. government agency responsible for consumer protection in the financial sector that may soon be called the Bureau of Consumer Financial Protection (BCFP) – announced a settlement with State Farm Bank for violating the Fair …

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CFPB Issues Updated FCRA Model Disclosures

Written By ESR News Blog Editor Thomas Ahearn On September 12, 2018, the Consumer Financial Protection Bureau (CFPB) – also known as the Bureau of Consumer Financial Protection (BCFP) and the United States government agency responsible for consumer protection in the financial sector – issued an interim final rule updating two model disclosures to reflect …

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CFPB Issues Interim Final Rule that Requires Inclusion of New Notice in Summary of FCRA Rights

Written By ESR News Blog Editor Thomas Ahearn On September 12, 2018, the Consumer Financial Protection Bureau (CFPB) – the United States government agency responsible for consumer protection in the financial sector – issued an interim final rule to be effective on September 21, 2018, that requires a new notice of rights to be included …

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CFPB Called Far Too Powerful with Little Oversight of Activities in Report

Written By ESR News Blog Editor Thomas Ahearn In April 2018, the Consumer Financial Protection Bureau (CFPB) – the United States government agency responsible for consumer protection in the financial sector – presented the CFPB’s Semi-Annual Report to Congress for the period beginning on April 1, 2017, and ending on September 30, 2017.

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National Credit Reporting Agencies to Remove All Tax Liens from Consumer Credit Reports in April 2018

Written By ESR News Blog Editor Thomas Ahearn In March 2017, ESR News reported that national credit reporting agencies (NCRAs) Equifax, Experian, and TransUnion had announced the implementation of enhanced standards for the collection and timely updating of public record data included in consumer credit reports as part of the National Consumer Assistance Plan (NCAP) …

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CFPB Report Focuses on Removal of Civil Public Records from Credit Reports

Written By ESR News Blog Editor Thomas Ahearn On February 22, 2018, the Consumer Financial Protection Bureau (CFPB) – a U.S. government agency responsible for consumer protection in the financial sector – released the latest Quarterly Consumer Credit Trends report that focused on the removal of civil public records from consumer credit reports.

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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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