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CFPB and Third Circuit highlight reporting obligations of furnishers of consumer information

On March 11, 2014 by Schnader in Finance

By Monica C. Platt Consumer credit reporting is coming under increased scrutiny, and furnishers should take care to review their reporting policies. In remarks at the Consumer Advisory Board meeting last month, CFPB Director Richard Cordray announced an increased effort by the CFPB to exercise its authority over large credit reporting […]

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Consumer Financial Protection Bureau Puts Creditors on Notice of Rulemaking Under the Fair Debt Collection Practices Act

On November 11, 2013 by Schnader in Finance

By Edward J. Sholinsky Last week, the Consumer Financial Protection Bureau issued a news release and Advance Notice of Proposed Rulemaking that signals the Bureau’s intention to broadly exercise its claimed power under the Fair Debt Collection Practices Act to regulate creditors and debt collectors.  Most notably, the Bureau is claiming […]

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Seventh Circuit confirms that the FCRA preempts state common law claims

On October 17, 2013 by Schnader in Finance

By Stephen J. Shapiro The Fair Credit Reporting Act (FCRA) imposes responsibilities on those who “furnish information to consumer reporting agencies.” Where entities that furnish information violate those responsibilities, the FCRA provides consumers with legal remedies, but prohibits them from pursuing state law claims relating to the violations. In a recent […]

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The CFPB Offers Guidance to Companies that Furnish Information to Consumer Reporting Agencies

On September 11, 2013 by Schnader in Finance

By Edward J. Sholinsky On September 4, 2013 the Consumer Financial Protection Bureau issued Bulletin 2013-09, which addresses the obligation of “furnishers” under the Fair Credit Reporting Act (FCRA) to investigate disputed information in a consumer’s credit report. When, under FCRA, a consumer disputes adverse information on his or her credit […]

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