Links in “Fair Credit Reporting Act (FCRA/Regulation V)”

The CFPB issued a mandate to promote the existing obligations under the Fair Credit Reporting Act (FCRA) for furnishers of consumer information to consumer reporting agencies (CRAs) to establish and implement reasonable written policies and procedures regarding the accuracy and integrity of information furnished to all CRAs. The mandate comes on the heels of recent CFPB reviews that found non-compliance with furnishers. [2/5/16]

The CFPB announced that the ceiling on allowable charges under Fair Credit Reporting Act (FCRA) section 612(f) that covers obtaining a credit report under circumstances beyond the request for a free credit report will remain unchanged at $12.00, effective for 2016. [11/20/15]

CFPB has served noticed that it is interested in the quality of employment background screening reports. It has hit two of the largest background check providers for violations under the Fair Credit Reporting Act. The bureau says the companies failed to take basic steps to assure the information reported about job applicants was accurate and that they included impermissible information in consumer reports. The companies have been ordered to fix their problems, provide $10.5 million in consumer relief, and pay a $2.5 million civil penalty. [10/30/15]

Attorneys are monitoring the credit reports of debtors who have gone through bankruptcy, but whose discharged debts are still showing up on credit reports. Then they bring class action suits for violations of the Fair Credit Reporting Act. Waiting for the consumer to request that you clean up their credit report may not be the best strategy these days. [10/13/15]

Tricolor Auto Group violated the Fair Credit Reporting Act, costing them $82,777 in civil penalties. Their two biggest mistakes? Failure to have written policies and proper disputed credit investigations. [9/17/15]

A cybersecurity expert who steals credit cards and hacks accounts to expose weak points discusses the common problems he encounters in financial organizations security. What does he state is a credit unions best defense? Employee and member education. [4/21/15]

The final rule amends the definition of “creditor” in the Red Flags rule to reflect the definition of that term as added by the Clarification Act. The final rule also updates a cross-reference in the Red Flags rule to reflect a statutory change in rulemaking authority. [5/29]

The Federal Reserve Board on Thursday repealed its Regulation DD and Regulation P, shifting regulatory supervision of those areas to the CFPB.  The Board also issued final amendments to the Identity Theft Red Flags rule in Regulation V (Fair Credit Reporting), which amendments, among other things, narrow the scope to exclude professionals such as doctors and lawyers from certain elements of the regulation. [5/23]

The OCC is moving to combine rules for National Banks and Federal Savings Banks in effort to achieve oversight uniformity. Rules of focus include consumer protection in insurance sales, Bank Secrecy Act (BSA) compliance, management interlocks, appraisals, disclosure and reporting of Community Reinvestment Act (CRA)-related agreements, and the Fair Credit Reporting Act (FCRA). [5/16]

The CFPB is looking to provide tools and guidance to better protect children in the foster care system from credit reporting problems that could compromise their future credit. Key guidance promotes understanding and resolution of credit reporting limitations and errors as well as protections provided for foster care youth. [5/2]