On December 11, the Consumer Financial Protection Bureau released a report and accompanying press release regarding the intersection of medical debt and credit reporting. This report reveals the staggering impact medical debt has on the credit reports of millions of Americans.
The CFPB views medical debt as unique among debts because of the unpredictability by
On December 11, 2014, the Consumer Financial Protection Bureau (CFPB) issued a report and announced that it will be requiring major credit reporting agencies (CRAs) to provide regular reports to the CFPB identifying, by name, potentially problematic furnishers of information. In other words, the CFPB will be co-opting the major CRAs into helping the CFPB
On Wednesday, December 3, 2014, New York Governor, Andrew Cuomo, announced new regulations aimed at “protect[ing] consumers against abusive and deceptive debt collection practices.” The press release issued by Governor Cuomo can be found here.
These regulations come from the New York Department of Financial Services and were first proposed in July 2013 and
In recommending that the district court grant the defendant’s motion to dismiss, a magistrate judge in the United States District Court for the Northern District of Georgia recently addressed the contours of 15 U.S.C. § 1681k(a) of the Fair Credit Reporting Act in a way that affirms the disjunctive nature of that statutory provision, and
In March 2014, the Federal Trade Commission issued a bulletin entitled Background Checks: What Job Applicants and Employees Should Know, which set forth and summarized a number of the laws and regulations on the use of employment background checks, both prior to and subsequent to hiring.
In November, the FTC issued a second such
On November 20, Consumer Financial Protection Bureau Director Richard Cordray urged financial institutions to develop faster systems for processing electronic funds transfers (EFTs). In his prepared remarks, however, he insisted that these faster systems must offer robust consumer protections.
According to Cordray, the U. S. banking system needs improvement in the ability to process
After facing speculation as to whether Uber sufficiently screens the backgrounds of its drivers, Uber is now facing a class action under the Fair Credit Reporting Act for allegedly failing to conduct background checks in accordance with the FCRA. This lawsuit provides another example of the minefield companies face when conducting pre-employment background checks.
According
On November 13, Consumer Financial Protection Bureau Director Richard Cordray delivered prepared remarks regarding electronic funds transfers (EFTs). Although Cordray noted the benefits of EFTs to consumers, he cautioned that the potential for abuse necessitates aggressive policing of the industry.
According to the CFPB, the nationwide system for EFTs allows consumers to receive their paychecks,
The Federal Trade Commission has stopped an online program that allegedly lured consumers with “free” access to their credit scores and then billed them a recurring fee of $29.95 per month for a credit monitoring program they never ordered. The defendants are One Technologies LP (also doing business as ScoreSense, One Technologies Inc., and MyCreditHealth);
On November 10, the Supreme Court declined to review an appeal by debt collection law firm Phelan Hallinan & Shmieg LLP over a Third Circuit decision in a class action that held that debtors are not required to dispute a debt under the Fair Debt Collection Practices Act before filing an FDCPA lawsuit.
On June