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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Court Rules Structure of CFPB is Unconstitutional

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 …

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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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