On January 5, 2021, the Consumer Financial Protection Bureau’s Taskforce on Federal Consumer Financial Law Report issued a two-volume report on “how to improve consumer protection in the financial marketplace.” The Taskforce, comprised of five members, was established in January 2020 and was charged with examining the consumer […]
The Federal Trade Commission (“FTC”) is seeking comment on proposed changes that would clarify that five FCRA rules promulgated by the FTC apply only to motor vehicle dealers. The FTC’s proposed changes would bring several rules implementing parts of the FCRA in line with the Dodd-Frank Wall Street […]
A three-judge panel in the Second Circuit recently affirmed a Connecticut district court decision dismissing a Fair Credit Reporting Act suit against Salisbury Bank and Trust Company because the customer had not notified a credit reporting agency of the alleged error in his credit report. In Sprague v. […]
The Consumer Financial Protection Bureau (“CFPB”) hosted a webinar, led by Director Kathy Kraninger and Associate Director for Supervision, Enforcement, and Fair Lending Bryan Schneider, laying out its supervisory and enforcement priorities in light of COVID-19. These priorities will necessarily impact the CFPB’s enforcement of the Fair Credit […]
Kohl’s Department Stores Inc. settled Federal Trade Commission claims that it violated the Fair Credit Reporting Act (FCRA) by failing to provide required application and business transaction records to consumers who were victims of identity theft. Kohl’s agreed to pay a civil penalty of $220,000. The complaint, filed […]
In response to Senate Report 116-111, the Federal Trade Commission (“FTC”) recently submitted a report to Congress updating lawmakers on “its consumer education efforts with respect to disputing and correcting information in a credit report, as well as its enforcement efforts related to dispute processes and the correction […]
We recently discussed the Coronavirus Aid, Relief and Economic Security Act (CARES Act) and how it amends the duties of a furnisher of information under the Fair Credit Reporting Act (FCRA) in light of the COVID-19 pandemic. Furnishers, however, must still be mindful not to relax their procedures […]
By Nikku Khalifian A recent Sixth Circuit decision addressed whether FCRA imposes a technical-accuracy standard or an “inaccurate or misleading standard” on § 1681e(b) plaintiffs. In Twumasi-Ankrah v. Checkr, Inc., 2020 U.S. App. LEXIS 10427 (6th Cir. April 2, 2020), the Sixth Circuit reversed and remanded the decision […]
