Written By Digital Content Editor Thomas Ahearn In August 2022, the U.S. Chamber of Commerce and several trade associations filed a coalition amicus brief that urged the U.S. Court of Appeals for the Second Circuit to reject an attempt to expand Fair Credit Reporting Act (FCRA) obligations to require consumer reporting agencies (CRAs) and furnishers…
Written By Digital Content Editor Thomas Ahearn On August 11, 2022, the Consumer Financial Protection Bureau (CFPB) published guidance to consumer protection enforcers in a Consumer Financial Protection Circular on Insufficient Data Security that confirmed financial companies may violate federal consumer financial protection law when they fail to safeguard consumer data and can be held…
Written By Digital Content Editor Thomas Ahearn On July 26, 2022, the Consumer Financial Protection Bureau (CFPB) penalized an auto servicer for repeatedly providing inaccurate information to nationwide credit reporting companies and failing to take proper measures to address inaccurate information identified between 2016 and 2020, according to a CFPB news release. The order from…
Written By Digital Content Editor Thomas Ahearn The Consumer Financial Protection Bureau (CFPB) has issued an advisory opinion on “Fair Credit Reporting; Permissible Purposes for Furnishing, Using, and Obtaining Consumer Reports” to ensure that companies using and sharing background checks have a “permissible purpose” under the Fair Credit Reporting Act (FCRA). The FCRA ensures fair…
Written By Digital Content Editor Thomas Ahearn On June 28, 2022, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule titled “The Fair Credit Reporting Act’s Limited Preemption of State Laws” that affirmed the abilities of states to protect their residents through their own fair credit reporting laws, according to a news release from…
Written By ESR News Blog Editor Thomas Ahearn On May 26, 2022, the Consumer Financial Protection Bureau (CFPB) – an agency that implements and enforces Federal consumer financial law – published a Consumer Financial Protection Circular to remind the public and those responsible for enforcing federal consumer financial protection law of adverse action notice requirements for…
Written By ESR News Blog Editor Thomas Ahearn On May 5, 2022, the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) – two U.S. government agencies that enforce the federal Fair Credit Reporting Act (FCRA) – filed an amicus brief in a class action lawsuit that argued the FCRA does not distinguish between…
Written By ESR News Blog Editor Thomas Ahearn Effective July 1, 2022, the three nationwide credit reporting agencies (NCRAs) – Equifax, Experian, and TransUnion – will remove nearly 70 percent of medical collection debt tradelines from consumer credit reports to support consumers faced with unexpected medical bills, according to a joint statement from the three NCRAs.…
Written By ESR News Blog Editor Thomas Ahearn On April 6, 2022, the Consumer Financial Protection Bureau (CFPB) – a United States government agency that implements and enforces federal consumer financial law – presented its Semi-Annual Report to Congress for the period beginning on April 1, 2021, and ending September 30, 2021. The report revealed…
Written By ESR News Blog Editor Thomas Ahearn On April 12, 2022, the Consumer Financial Protection Bureau (CFPB) – a U.S. government agency that implements and enforces federal consumer financial law – filed a lawsuit against a credit reporting agency for violating a 2017 law enforcement order “that was issued to stop the company from…
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