The CFPB warned that, under the Fair Credit Reporting Act, consumer reporting companies and the entities that furnish information to them cannot "impose obstacles that deter submission of disputes" and can be held liable for failing to investigate disputes.
A custodial bank settled CFPB charges for (i) applying for lines of credit and opening deposit accounts on behalf of customers without their consent, (ii) obtaining consumer reports with personal information without justification, and (iii) pressuring employees into selling products to customers to meet predetermined sales goals.
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.
A CFPB interpretive rule clarifying state authority to issue and enforce state fair credit reporting laws became effective on July 11, 2022. The interpretive rule and effective date was published in the Federal Register. In the interpretive rule, the CFPB affirmed that states may enact laws that are stricter than the federal provisions set forth in the Fair Credit Reporting Act ("FCRA"). As previously covered, the CFPB affirmed that (i) states have wide-ranging authority to protect their residents from harm resulting from credit reporting issues and (ii) state laws are not preempted unless