CFPB: New Final Rule Issued with Credit Reporting Protections to Aid Survivors of Human Trafficking

CFPB Helps Survivors Mitigate the Financial Consequences of Human Trafficking Today, the Consumer Financial Protection Bureau (CFPB) issued a final rule to help survivors avoid some of the financial consequences of human trafficking. The CFPB has established, among other things, a method for survivors of trafficking to submit documentation to […]

CFPB: New Report Highlights Experience of Military Families with Medical Billing, Credit Reporting, and Debt Collection

Servicemembers and veterans report problems with coercive credit reporting and false medical bill collections Today, the Consumer Financial Protection Bureau (CFPB) released its annual report on the top financial concerns facing servicemembers, veterans, and military families, based on the complaints they submitted to the CFPB. Servicemembers told the CFPB about […]

CFPB: Supervisory Report Finds Unlawful Auto Repossessions and Breakdowns in Credit Report Disputes

Agency examiners identify improper practices across consumer financial products and services Today, the Consumer Financial Protection Bureau (CFPB) released its Supervisory Highlights report on legal violations identified during the CFPB’s supervisory examinations in the second half of 2021. The report details key findings across consumer financial products and services. “While […]

CFPB: Report Spotlights Medical Billing Challenges

Consumer complaints show coercive credit reporting and privacy intrusions based on unverified and inaccurate medical billing A report issued today by the Consumer Financial Protection Bureau (CFPB) examines the financial consequences of medical billing and collections endured by individuals and families across the country. The report draws from the rising […]

CFPB: Annual List of Consumer Reporting Companies Released

Updated list names financial surveillance companies that people can use to access their own files and sue if they violate the Fair Credit Reporting Act Today, the Consumer Financial Protection Bureau (CFPB) released its annual list of consumer reporting companies. The list identifies dozens of specialty reporting companies that collect and […]

CFPB: New Report Released Detailing Consumer Complaint Response Deficiencies of the Big Three Credit Bureaus

Equifax, Experian, and TransUnion routinely failed to fully respond to consumers with errors A new analysis by the Consumer Financial Protection Bureau (CFPB) reveals how changes in complaint responses provided by nationwide consumer reporting companies resulted in fewer meaningful responses and less consumer relief. In 2021, Equifax, Experian, and TransUnion […]

CFPB: Action Taken to Stop False Identification in Background Screens by Consumer Reporting Companies

Mistaken identity matching undermines housing and labor market recoveries The CFPB today issued an advisory opinion affirming that consumer reporting companies, including tenant and employment screening companies, are violating the law if they engage in shoddy name-matching procedures. Regulators are concerned about the significant harms caused by false identity matching, […]

FHFA: Inclusion of Rental Payment History in Fannie Mae’s Underwriting Process Announced

To expand access to credit in a safe and sound manner, the Federal Housing Finance Agency (FHFA) today announced that Fannie Mae will consider rental payment history in its risk assessment processes. With the update to Fannie Mae’s systems, future borrowers will have the benefit of a positive rental payment […]

ABA: Foundation Launches 2021 Financial Education Campaign, Unveils New Free Resources for Banks

New materials will help banker volunteers lead virtual and in-person lesson plans for their communities The American Bankers Association Foundation today launched its 2021 financial education campaign and called on America’s banks and their more than two million employees across the nation to participate in this innovative, industry-wide effort to […]

CFPB: Final Rule Issued on Consumer Disclosures Related to Debt Collection

The Consumer Financial Protection Bureau (Bureau) issued today a final rule to implement Fair Debt Collection Practices Act (FDCPA) requirements regarding certain disclosures for consumers. The rule requires debt collectors to provide, at the outset of collection communications, detailed disclosures about the consumer’s debt and rights in debt collection, along […]