Apr 11

Apr 11 VIDEO: What is the FCRA?

In this Compliance Clip (video), Adam provides a brief overview of the Fair Credit Reporting Act or FCRA. He describes how this longstanding law protects consumers and regulates the practices of both consumer reporting agencies and the users of their data. A transcript of this video is now available.

Mar 7

Mar 7 VIDEO: What is a Permissible Purpose to Pull a Credit Report

Adam Witmer

FCRA

In this Compliance Clip (video), Adam discusses the critical concept of "permissible purpose" when obtaining credit reports under the Fair Credit Reporting Act (FCRA). Understanding these guidelines is essential for lenders and creditors to avoid significant legal violations and breaches of privacy.

Jan 24

Jan 24 VIDEO: When is an FCRA Adverse Action Notice Required?

Adam Witmer

FCRA

In this Compliance Clip (video), discusses when and Adverse Action Notice is required under the Fair Credit Reporting Act. Adam provides instances when financial institutions need to furnish Adverse Action Notice to a consumer when an adverse action is taken.

Dec 16
Dec 16 CFPB to Address Financial Impact of Domestic Violence and Elder Abuse

Adam Witmer

Regulatory Update, FCRA

On December 9, 2024, the CFPB issued an Advance Notice of Proposed Rulemaking to address the harmful effects of inaccurate credit reporting affecting survivors of domestic violence, elder abuse, and other forms of financial abuse. The Bureau aims to gather additional public input on potential amendments to the regulation that implements the Fair Credit Reporting Act (FCRA).

Sep 11
Sep 11 CFPB Fines TD Bank for Breakdowns that Illegally Tarnished Consumer Credit Reports

Adam Witmer

Regulatory Update, FCRA, UDAAP

On September 11, 2024, the CFPB ordered TD Bank to pay a total of $28 million for repeatedly sharing inaccurate and negative information about its customers to consumer reporting companies. According to the CFPB, the information included systemic errors about credit card delinquencies and bankruptcies.

Jul 12

Jul 12 VIDEO: What must be included in an FCRA Adverse Action Notice

Adam Witmer

FCRA

In this Compliance Clip (video), Adam discusses the requirements that must be included in a FCRA Adverse Action Notice. Adam talks about the specific requirements for each instance when a FCRA Adverse Action Notice is required to provided to consumers. A transcript of this video is now available.

Jun 13
Jun 13 CFPB Proposes to Remove Medical Bills from Credit Reports

Adam Witmer

Regulatory Update, FCRA

On June 11, 2024, the CFPB proposed a rule that would remove medical bills from most credit reports, increase privacy protections, help to increase credit scores and loan approvals, and prevent debt collectors from using the credit reporting system to coerce people to pay. According to CFPB Director Rohit Chopra, medical bills on credit reports too often are inaccurate and have little to no predictive value when it comes to repaying other loans.

May 21
May 21 FDIC’s Settlement with Bank of England for Violations of Consumer Protection Laws

Adam Witmer

Regulatory Update, RESPA, HMDA, FCRA

On May 17, 2024, the FDIC announced that a settlement was reached with Bank of England, England, Arkansas, for violations of Section 5 of the Federal Trade Commission Act, the Real Estate Settlement Procedures Act (RESPA), the Fair Credit Reporting Act (FCRA), and the Home Mortgage Disclosure Act (HMDA). Nine former employees of the Bank of England have also stipulated to individual enforcement actions.

May 21
May 21 CFPB Sues SoLo Funds for Deceptive and Illegal Practices

Adam Witmer

FCRA, Regulatory Update

On May 17, 2024, the CFPB sued the online lending platform SoLo Funds for deceptive and illegal practices.According to the lawsuit, SoLo deceived borrowers about the total cost of loans and used digital dark patterns to trick borrowers into paying fees, among others.

Mar 22

Mar 22 VIDEO: Board Report Requirements for ID Theft Red Flags

Adam Witmer

Regulatory Update, FCRA

In this Compliance Clip (video), Adam enumerates the requirements for reporting identity theft red flags to the board of directors. In addition, Adam describes an alternative for how small financial institutions can report these requirements.