Equifax Data Breach

Consumer Financial Protection Bureau (CFPB)

Friday, November 17, 2017

Richard Cordray to step down as head of Consumer Financial Protection Bureau


A one-two punch. First the Congressional override of the CFPB's rule limiting mandatory arbitration clauses in certain consumer financial agreements. And now the loss of Cordray who has been an important advocate for consumer financial rights.

 

Read more . . .


Sunday, September 24, 2017

Despite Equifax hack, GOP lawmakers want to deregulate credit agencies


Clear partisan lines emerge in response to the Equifax breach. Last week, Democrats introduced the Freedom from Equifax Exploitation Act, barring credit bureaus the ability to charge a fee for freezing consumer credit. House Republicans, on the other hand, propose to undermine credit-industry regulations with new legislation. The Credit Services Protection Act, introduced by Ed Royce (R-Cal.), and the FCRA Liability Harmonization Act, spearheaded by Barry Loudermilk (R-Ga.
Read more . . .


Wednesday, September 13, 2017

143 Million Reasons Congress Shouldn’t Gut the Fair Credit Reporting Act


Congressman Barry Loudermilk’s proposal to weaken the Fair Credit Reporting Act (FCRA) entered the national discourse on the heels of Equifax’s potentially catastrophic data breach. Industry watchdogs highlight the sharp contrast between the need for credit-industry regulation (as evidenced by the Equifax breach) and the coziness with which some Congress members comport themselves to the credit bureaus.

Read more . . .


Tuesday, September 12, 2017

House Bill Would Let Companies Off the Hook for Known & Devastating Mistakes


For nearly half a century, the Fair Credit Reporting Act (FCRA) has empowered American consumers, serving as a deterrent against credit reporting and background check errors—nowadays an all-too-familiar feature of the credit reporting industry. The possibility of punitive damages (available in some matters) supplies the FCRA with a great deal of its bite. Georgia Congressman, Barry Loudermilk introduced a bill (H.R. 2359) to vote last week in the House, which amongst other things, would eliminate consumers’ ability to receive punitive damages, drastically weakening the FCRA.
Read more . . .


Tuesday, September 12, 2017

CFPB Rule Fight Forces Senators to Choose: Military Families or Big Banks

Earlier this year, the Consumer Financial Protection Bureau (CFPB) promulgated a long-awaited rule prohibiting banks and payday lenders from using forced arbitration clauses in their contracts. The rule was brought to a halt, however, by the House of Representatives--under the seldom used Congressional Review Act, an authority which enables Congress to “veto” executive-agency actions--and now faces its ultimate fate in the Senate.

Read full article here



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Wednesday, July 26, 2017

Trump and Cordray: Five Scenarios for the CFPB


Here are five potential scenarios on what might happen to CFPB director Richard Cordray once the new president arrives.

One: Bigger Fish Prevail

Competing priorities may push back any big decisions about the CFPB or its director, even if the new administration ultimately plans an all-out assault on the agency, several sources predict.

Two: Congress Moots Controversy

Congress could moot the removal question entirely by changing the CFPB’s leadership structure.

Three: Trump Dismisses Cordray

Trump could dismiss Cordray ahead of the CFPB’s director’s statutory end-of-term in July 2018, and perhaps even as early as Jan. 20.
Read more . . .


Tuesday, July 11, 2017

It just got easier for you to sue your bank and credit card company.


The Consumer Financial Protection Bureau issued a new rule Monday that prevents companies from using arbitration clauses to stop consumers from bringing class action lawsuits.

 The clauses force people to "go it alone or give up," said CFPB Director Richard Cordray. "Our new rule will stop companies from sidestepping the courts and ensure that people who are harmed together can take action together," he said. Many people aren't aware that their bank account or credit card contracts came with an arbitration clause buried in the fine print.

 But they're pretty common.
Read more . . .


Thursday, July 6, 2017

Debt Collection Was the Most Complained About Financial Service Among Older Consumers for March


For March 2017, debt collection was the most-complained-about financial product or service by consumers identifying as over the age of 62. Of the 2,169 older consumer complaints handled in March, there were 496 complaints about debt collection. The second most-complained-about consumer product was mortgages, which accounted for 486 complaints. Credit reporting was the third most-complained-about financial product or service, accounting for 326 complaints.

 

Read more . . .


Wednesday, July 5, 2017

Sloppy Credit Bureaus, Sketchy Credit Doctors Slammed by Trifecta of CFPB, State AGs, and Consumer Lawyers (4/4)


This is part three of a four-part series that looks at how inaccurate credit reporting is being fought by attorneys, the CFPB, and state AGs.

 CFPB Nails Credit Repair Doctors: The credit bureaus not only make mistakes, they fail to conduct adequate reinvestigations of disputes or remove inaccurate information. Instead of complying with these FCRA responsibilities, the bureaus have developed their own lucrative direct-to-consumer channel for selling credit monitoring and identity-theft services to concerned consumers. But, the credit bureaus are so sloppy they’ve also fomented (spawned) an entire add-on predatory industry -- last-dollar credit repair doctors -- that takes advantage of the heightened consumer interest in higher credit scores that’s been driven by the bureaus’ scare-tactic marketing of their own absurdly-priced monitoring products. This week, the CFPB announced penalties of $2 million against 4 California-based credit repair doctors that “charged illegal fees and misled consumers about their ability to fix their credit.


Read more . . .


Friday, June 30, 2017

Sloppy Credit Bureaus, Sketchy Credit Doctors Slammed by Trifecta of CFPB, State AGs, and Consumer Lawyers (2/4)


This is part two of a four-part series that looks at how inaccurate credit reporting is being fought by a attorneys, the CFPB, and state AGGs. You may read Part 1 here.

On July 1, thanks to the efforts of a bi-partisan, multi-state enforcement effort by 31 state Attorneys-General, 12 million consumers will see their credit scores increase by up to 20 points; 700,000 of them will see increases of as much as 40 points as certain negative public records, including tax liens and court judgements, drop off their credit reports.


Read more . . .


Thursday, June 29, 2017

Sloppy Credit Bureaus, Sketchy Credit Doctors Slammed by Trifecta Of CFPB, State AGs, and Consumer Lawyers (1/4)


This is part one of a four-part series that looks at how inaccurate credit reporting is being fought by a attorneys, the CFPB, and state AGGs.

In the news this month are several successful efforts to improve credit report accuracy, compensate the victims of credit bureau malfeasance and also to bring some credit repair doctors to heel. Did it take a village? No, it took a combination of strong consumer laws, a strong CFPB, tough state attorneys general working on a bi-partisan basis and, finally, consumer attorneys engaged in private enforcement of the laws as another line of defense. For markets to work fairly, consumers need all these levels of protection.

In addition to demonstrating the importance of layered consumer protection and enforcement mechanisms, the cases also show that it is important to regulate the bureaus and hold them accountable, because despite their arrogant disregard for meeting the accuracy and reinvestigation standards of the law, they serve as gatekeepers to financial and employment opportunity.


Read more . . .


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