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August 02, 2022

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.

July 11, 2022

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