Wells Fargo Fined $185 Million for Secretly Opening Unauthorized Accounts

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 …

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

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 …

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Senator Requests Information from Consumer Reporting Agencies about Consumer Protection

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 …

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CFPB Monthly Complaint Report Spotlights Errors on Credit Reports

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 …

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CFPB Issues Compliance Bulletin on FCRA Requirements for Data Furnishers

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 …

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

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

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

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 …

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CFPB Finds Complaints about Credit Reports Rising Sharply

  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.

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Are Your Background Check Forms Up To Date?

Written By ESR News Blog Editor Thomas Ahearn In spring of 2015, the Consumer Financial Protection Bureau (CFPB) made some minor but nevertheless important modifications to a form critical to the employment screening background check process titled “A Summary of Your Rights Under the Fair Credit Reporting Act.”

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