Consumer Reporting

CFPB Proposes Clarification to Home Mortgage Disclosure Act

On April 13, 2017, the Consumer Financial Protection Bureau (CFPB) issued proposed amendments to clarify certain requirements of the Home Mortgage Disclosure Act (HMDA).  HMDA requires that financial institutions collect and report certain information regarding their mortgage lending activities.  The information that financial institutions are required to collect and report includes…

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CFPB Issues Monthly Consumer Complaint Report Highlighting Consistent Concerns with Mortgages, Credit Reporting, and Debt Collection Practices

On January 28, 2016, the Consumer Financial Protection Bureau (CFPB) published its monthly consumer complaint snapshot, identifying the most recent trends in consumer complaints about various financial products and services.  CFPB Monthly Complaint Rep., Jan. 2016, at 1.  The report analyzes trends by complaint volume by product, state, and company.  Id. at 3-10….

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Anticipating Decisions In Three Supreme Court Cases With Potential To Impact Class Action Litigation

The US Supreme Court’s October 2015 term includes three cases that may have important implications for class action litigation: Spokeo Inc. v. Robins et al., 13-1339, Campbell-Ewald Co. v. Gomez, 14-857, and Tyson Foods, Inc. v. Bouaphakeo, 14-1146.   In each case, the Court will consider a procedural question whose answer…

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IN FAIRNESS TO ALL: Complying With FCRA Disclosure Requirements When Evaluating And Hiring ...

Employers use a number of tools to assess any potential hire, and to evaluate existing employees.  When using a credit report for these purposes, employers need to be wary of the Fair Credit Reporting Act’s (“FCRA”) (15 U.S.C. 1681 et seq.) provisions.  The FCRA has strict procedures, requiring that employers…

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FTC Settles with Auto Lender over Improper Servicing, Collection, and Quality Control Practices

The Federal Trade Commission (FTC) recently announced a $5.5 million monetary and injunctive settlement with auto lender Consumer Portfolio Services, Inc. (CPS) concerning allegations that the company used illegal tactics in servicing and collecting consumers’ auto loans, and failed to adopt proper quality controls, in violation of Section 5 of…

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