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Category Archives: Credit Reports

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Financial Services Report – Fall 2017

Posted in Arbitration, CFPB, Credit Cards, Credit Reports, Electronic Payments, Enforcement Actions, Fair Lending, Investigations, Mortgage, Preemption, Privacy, Regulatory Developments, State Regulators, UDAAP

Through hurricanes, wild fires, the publication of Hillary Clinton’s book, the birth of Amal and George Clooney’s twins, and the Dodgers’ historic losing streak, Director Richard Cordray and the CFPB’s Final Arbitration Rule are still standing. As my colleague Ollie Ireland explained, these days, it’s easier to predict the weather than it is to predict… Read More

Financial Services Report – Summer 2017

Posted in Add On Products, Arbitration, CFPB, Credit Cards, Credit Reports, Enforcement Actions, Fair Lending, Foreclosure, Investigations, Mobile Payments, Mortgage, Payday Lending, Preemption, Privacy, Regulatory Developments, State Regulators, Student Lending

Summer blockbuster season is officially upon us. Have you seen Wonder Woman yet? What about Guardians of the Galaxy Part 2? It’s déjà vu all over again with Baywatch, Pirates of the Caribbean, Alien, Planet of the Apes, Transformers, Cars, Spider Man, and more Inconvenient Truths from Al Gore all coming to a theatre near… Read More

Financial Services Report – Spring 2017

Posted in Arbitration, CFPB, Credit Cards, Credit Reports, Electronic Payments, Enforcement Actions, Fair Lending, Foreclosure, Investigations, Military Issues, Mobile Payments, Mortgage, Payday Lending, Preemption, Privacy, Regulatory Developments, State Regulators, Student Lending

In like a lion, out like a lamb—it works for weather; does it work for new administrations? We’ll have to wait and see. We’ll have to wait and see about the length of CFPB Director Richard Cordray’s tenure and the fate of Dodd-Frank, as it appears the Trump administration is focusing on other priorities. So… Read More

The Latest Word (or Text) on TCPA Standing Post-Spokeo and Consent

Posted in Credit Reports

On January 30, 2017, in Van Patten v. Vertical Fitness Group, No. 14-55980, the Ninth Circuit Court of Appeals found that a Telephone Consumer Protection Act (TCPA) plaintiff had sufficiently alleged an Article III injury-in-fact, under the United States Supreme Court’s Spokeo, Inc. v. Robins decision.  The Ninth Circuit ultimately affirmed summary judgment in favor… Read More

Financial Services Report – Fall 2016

Posted in Add On Products, Arbitration, CFPB, Credit Cards, Credit Reports, Disparate Impact, Electronic Payments, Enforcement Actions, Fair Lending, Foreclosure, Military Issues, Mobile Payments, Mortgage, Payday Lending, Preemption, Privacy, Regulatory Developments, UDAAP

So much for summer! The weather is cooling, the kids are back to school, and we better not see you wearing white so long after Labor Day! For those of you having a little trouble getting back in the swing of things, we thought we’d lead with just a few of the animals making headlines… Read More

The Supreme Court’s Spokeo Decision: Concrete Shoes For Consumer Class Actions?

Posted in Credit Reports

Today the Supreme Court issued its highly anticipated decision in Spokeo, Inc. v. Robins. The decision takes on a hot topic in consumer class action law today—what must a plaintiff plead and prove to have standing to sue for a violation of a federal statute? The Court held that an allegation of a statutory violation,… Read More

Financial Services Report – Spring 2016

Posted in Arbitration, Auto Lending, CFPB, Credit Cards, Credit Reports, Disparate Impact, Electronic Payments, Enforcement Actions, Fair Lending, Foreclosure, Mobile Payments, Mortgage, Payday Lending, Preemption, Privacy, Regulatory Developments, State Regulators, UDAAP

Why another law firm newsletter? Over ten years ago, Will Stern answered that question in the first Editor’s Note of the first Financial Services Report. Some things have changed since then—we no longer print and mail paper copies, and we report on issues that were not even a twinkle in anyone’s eye back then (the… Read More

CFPB Publishes Semi-Annual Rulemaking Agenda

Posted in Arbitration, Auto Lending, CFPB, Credit Reports, Mortgage, Payday Lending, Regulatory Developments, Student Lending

Just in time for the holidays, the CFPB released its Fall 2015 rulemaking agenda on Friday, November 20. The agenda does not include any major surprises, but it does slightly revise the projected timeline for several highly anticipated rulemaking activities. This alert lays out the highlights to consider between doses of turkey, football, and family…. Read More

Financial Services Report – Fall 2015

Posted in Arbitration, CFPB, Credit Cards, Credit Reports, Enforcement Actions, Fair Lending, Investigations, Mobile Payments, Mortgage, Payday Lending, Privacy, UDAAP

The kids may be back in school, but it was the adults who got smarter. North Korea moved to its own time zone, so now it lags only a half hour behind everyone else. Think about it. Show up late for work but still be on time. Know that the bartender really doesn’t mean it… Read More

CFPB Issues Monthly Complaint Snapshot – Failure to Provide Normalization and Other Necessary Comparison Metrics Continues

Posted in CFPB, Credit Reports, Mortgage

On August 15, 2015, the CFPB released its latest “consumer complaint snapshot.” The Bureau’s “snapshots” generally provide updated national complaint information, and further include product and geographic spotlights that look into complaints involving a particular consumer financial product and a particular geographic location. In this month’s installment, the Bureau focused on credit reporting, as well… Read More

Supervisory Haiku-lights, Summer 2015

Posted in CFPB, Credit Reports, Fair Lending, Mortgage, Supervisory Highlights

Break out the short shorts everybody: it’s summer! We know you could use a palate cleanser between the 50 Shades novels and Game of Thrones wikis you’re reading on the beach. Supervisory Haiku-lights to the rescue! The Summer 2015 issue of Supervisory Highlights includes supervisory observations on consumer reporting, debt collection, student loan servicing, mortgage… Read More

Financial Services Report – Summer 2015

Posted in Arbitration, CFPB, Credit Cards, Credit Reports, Enforcement Actions, Fair Lending, Investigations, Mobile Payments, Mortgage, Payday Lending, Preemption, Privacy, UDAAP

June is crowded with celebrations. It feels like a Tokyo subway. June is the month of weddings, graduations, flag days, and dad daze. June 15 is the 800th anniversary of the Magna Carta. This month we acclaim Summer Solstice, Gay Pride Month, and National Aquarium Month. And who could forget National Accordion Awareness Month? Seriously?… Read More

Déjà Vu: State AG Consumer Reporting Settlement Follows Landmark New York Agreement

Posted in Credit Reports

On May 20, 2015, the attorneys general of 31 states settled with three major credit reporting agencies (CRAs) for six million dollars and commitments to make a number of business practice changes. With the exception of $6 million payment–which can be seen as relatively small, all things considered–the settlement largely mirrors the CRAs’ March 2015… Read More

CFPB Again Reports on Reports

Posted in CFPB, Credit Reports

Just last week we posted about the CFPB’s report on consumers without credit reports or with limited credit histories. This week, the CFPB has turned its attention to consumers with reports — specialty consumer reports. On its blog, the CFPB explained that specialty consumer reporting agencies compile and sell reports containing various personal data, such… Read More

New CFPB Report Provides Insight into Consumers with Limited Credit Histories

Posted in CFPB, Credit Reports

The Consumer Financial Protection Bureau (CFPB) recently released a report, Data Point: Credit Invisibles, concluding that 45 million Americans do not have credit histories or have credit histories that are too sparse to generate a credit score.  The report explained that consumers without a credit record or a record with insufficient information to assess creditworthiness… Read More

Second Time’s the Charm? Supreme Court Takes Up Landmark FCRA Case to Address Whether Congress Can Create Standing

Posted in CFPB, Credit Reports

Zombie or no-injury plaintiffs seeking to represent zombie or no-injury classes are on the rise. In these suits, plaintiff was not injured, and there’s no way to prove who, if anyone, in the class was. Thomas Robins is one of those plaintiffs who brought suit on behalf of a class of similarly situated consumers against… Read More

CFPB Urges SCOTUS: Hands Off That FCRA Holding

Posted in CFPB, Credit Reports

Time to dust off those federal jurisdiction hornbooks! The Consumer Financial Protection Bureau (CFPB) and Office of the Solicitor General (collectively, “the government”) submitted an amicus brief to the Supreme Court in response to a petition for a writ of certiorari in the closely-watched case Spokeo, Inc. v. Thomas Robins, No. 13-1339. The issue? Standing,… Read More

New York Attorney General and Credit Bureaus Reach Deal Affecting Furnishers of Information to Credit Bureaus

Posted in Credit Reports

The New York Attorney General announced a settlement with credit bureaus Equifax, Experian and TransUnion regarding credit reporting policies and practices, including methods of addressing inaccuracies identified by consumers. In addition to changes to the credit bureaus’ error resolution practices, the settlement also requires the credit bureaus to analyze and monitor the performance of furnishers,… Read More

New CFPB Procedure: Credit Reporting Agencies Must Report and Take Action On Furnishers

Posted in CFPB, Credit Reports

On December 11, 2014, the Consumer Financial Protection Bureau (CFPB) announced a major change related to its monitoring of furnishers involved in credit reporting. The CFPB introduced a new requirement that “major credit reporting companies,” as part of ongoing examinations, must now provide regular reports concerning the accuracy of the furnishers providing them with consumer… Read More