Search Results: FCRA

CFPB Issues Consent Order Regarding National Bank's Student Loan Servicing Practices

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On August 22, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a large national bank in relation to the company’s private student loan servicing practices.  The CFPB asserts that the bank’s practices allegedly increased costs and penalized certain borrowers, leading to illegal fees and inaccurate credit…

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Auto Dealer-Lender and CFPB Settle Credit Reporting Allegations for $6.4 Million

On December 17, 2015, the CFPB announced a consent order and settlement with a Minnesota-based auto dealer and its affiliated financing company regarding their credit reporting practices in 15 states.  The consent order asserts that the companies violated the Fair Credit Reporting Act (FCRA) and the Consumer Financial Protection Act…

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CFPB Settles with Debt Collector Over Unverified Debts

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​On December 7, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a state debt collector over allegations that the debt collector, which collected telecommunications debt, reported inaccurate information to credit-reporting agencies and collected and reported debt that consumers disputed and that it could not…

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Credit Reporting Company to Pay CFPB $8 Million for FCRA Violations

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​On December 3, the Consumer Financial Protection Bureau (CFPB) entered a consent order with a national credit reporting company, resolving allegations that the company violated the Fair Credit Reporting Act (FCRA). The credit reporting company is in the business of compiling and reselling consumer credit reports to financial service providers, such as…

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CFPB Summarizes Supervisory Trends for May through August, 2015

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On November 3, 2015, the Consumer Financial Protection Bureau (CFPB) released its Supervisory Highlights report​ detailing the Bureau’s supervision efforts for May through August of 2015. The report summarizes the violations of consumer protection laws the Bureau observed during the four-month period and identifies the areas in which the Bureau has…

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Auto Dealer Settles with FTC Over Credit Reporting Practices

​On September 16, the Federal Trade Commission (FTC) announced that it had entered a stipulated order with the financing arm of a Texas auto dealer to settle allegations regarding the auto dealer’s credit reporting practices.  In its simultaneously filed complaint, the FTC alleged that the auto dealer violated the Federal Trade Commission Act, the Fair Credit…

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Debt Collectors Enter Consent Orders with CFPB for FDCPA Violations

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​On September 9, the Consumer Financial Protection Bureau (CFPB) announced that it entered into consent orders with two large debt purchasers for alleged violations of the Fair Debt Collection Practices Act, Consumer Financial Protection Act, and Fair Credit Reporting Act.  CFPB alleged that the companies purchased debts that they knew or…

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CFPB Summarizes Recent Results of Supervisory Enforcement

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On June 23, 2015, the Consumer Financial Protection Bureau (CFPB) released its Supervisory Highlights report detailing the Bureau’s supervision efforts for the first four months of 2015. The report summarizes the most common “illegal practices” uncovered by the Bureau and identifies the areas where the Bureau has  focused on in its…

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Medical Debt Collector Enters Into Consent Order With CFPB Over Communications With Consumers and Credit Reporting Agencies

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On June 18, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a medical debt collection company over allegations that the company​’s debt-collection activities violated the Fair Credit Reporting Act (“FCRA”) and the Fair Debt Collection Practices Act (“FDCPA”).  The consent order alleged that the company failed…

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