Header graphic for print
MoFo Reenforcement The Enforcement Blog

Tag Archives: Credit Reporting

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

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

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

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

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