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
The Congressional Research Service reviewed a CFPB-proposed rule to improve consumers' rights to access and transfer their financial information.
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 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.