The CFPB reminded consumer reporting companies of their obligations under the Fair Credit Reporting Act to (i) address inaccurate information found in background checks, (ii) monitor for improper credit file sharing and (iii) ensure that background check information is accessible to consumers.
News & Insights
A credit reporting agency settled charges with the CFPB for security "freeze and lock" violations related to consumer credit reports.
The FTC and the CFPB sued a nationwide consumer reporting agency for Fair Credit Reporting Act violations related to rental background check reports.
A banking entity settled charges with the OCC and the CFPB for assessing multiple overdraft fees on customers’ accounts. The banking entity also settled charges with the CFPB for withholding credit card rewards from consumers and opening accounts without consumers' consent.
The CFPB warned that the increased use of chatbots in the banking sector raises risks such as (i) noncompliance with federal consumer financial protection laws, (ii) diminished customer service and trust, and (iii) potential harm to consumers.