CFPB Says Companies Violate Federal Law by Not Protecting Consumer Data

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…

CFPB Orders Auto Servicer to Pay $19 Million for Credit Reporting Failures

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…

CFPB Advises Background Check Users On Permissible Purpose Under FCRA

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…

CFPB Issues Circular on Adverse Action Notice Requirements for Credit Decisions Using Complex Algorithms

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…