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
CFPB Director Rohit Chopra previewed two rule proposals aimed at preventing the misuse of information collected by data brokers. The CFPB plans to release the new rules for public comment in 2024.
CFPB Director Rohit Chopra and European Commissioner for Justice and Consumer Protection Didier Reynders began an "informal dialogue" to address "critical" consumer protection issues related to the "digitalisation of the financial services."
The CFPB reopened the comment period on a Request for Information issued to Amazon, Apple, Facebook, Google, PayPal and Square regarding how each firm uses personal payment data and manages data access.
A CFPB advisory opinion on the obligations of consumer reporting agencies and consumer report users under the Fair Credit Reporting Act ("FCRA") became effective July 12th.