Tag Archives: Consumer protection

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

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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 for checking account screening reports, according to a news release on the CFPB website. Continue reading

Consumer Protection Safeguards Crucial for NAPBS Accredited Background Screening Firms

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Written By ESR News Blog Editor Thomas Ahearn

Having consumer protection safeguards in place to ward off unauthorized users and unwanted intrusions is crucial for background screening firms accredited by the National Association of Professional Background Screeners (NAPBS®). These policies and procedures protect the information of individuals during background checks and guard against data breaches and identity theft. This blog is the first in a six part series about the NAPBS Background Screening Agency Accreditation Program (BSAAP). Continue reading

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

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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 (CRAs) are violating the federal Fair Credit Reporting Act (FCRA). Continue reading

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

 credit-score

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). Continue reading

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

 credit-score

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 website. Continue reading

CFPB Releases Report Detailing Problems in Credit Reporting Industry

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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 at credit reporting companies, repairing the broken dispute process, and cleaning up information being reported. Continue reading

CFPB Monthly Complaint Report for February Highlights Complaints about Credit Reports

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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. Continue reading

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

 CFPB logo spotlight

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 they sold to consumers, according to a news story on the CFPB website. Continue reading

Court Rules Structure of CFPB is Unconstitutional

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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

FTC Requests Public Comment on Disposal Rule for Consumer Report Information and Records

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Written By ESR News Blog Editor Thomas Ahearn

The Federal Trade Commission (FTC) is seeking public comment on the Disposal Rule formally known as the ‘Disposal of Consumer Report Information and Records Rule’ which implements part of the Fair and Accurate Credit Transactions Act of 2003 (FACTA) by requiring consumer report information for business purposes to be properly disposed of through reasonable measures to protect that data from unauthorized access, according to an FTC press release. Continue reading