The Consumer Financial Protection Board (CFPB) recently issued guidances titled Consumer Financial Protection Circular 2024-06: Background Dossiers and Algorithmic Scores for Hiring, Promotion, and Other Employment Decisions | Consumer Financial Protection Bureau and Consumer Financial Protection Circular 2023-03: Adverse action notification requirements and the proper use of the CFPB’s sample forms provided in Regulation
CFPB’s Proposed Amendment of Regulation V to Limit Medical Bills in Credit Reporting: What do Employers Need to Know?
On June 11, 2024, the Consumer Financial Protection Bureau (CFPB) published a Notice of Proposed Rulemaking (NPRM) to amend Regulation V‒ which implements the Fair Credit Reporting Act (FCRA) ‒ limiting the inclusion of medical bills in consumer financial reports. This amendment, while providing significant benefits to Americans suffering significant medical debts, also may alter
CFPB and NLRB Sign Information Sharing Agreement to Target Employer Surveillance and “Debt Traps” for Employees
On March 7, 2023, the Consumer Financial Protection Bureau (CFPB), the federal government agency charged with protecting consumers in the financial sector, and the National Labor Relations Board (NLRB), the federal government agency tasked with protecting private sector employees’ rights to engage in union organizing and other concerted activity, announced an information sharing agreement in
Understanding CFPB’s Legal Advisory on “Permissible” Purpose
The Consumer Financial Protection Bureau (CFPB) recently issued a legal Advisory in early July 2022, intending to protect the privacy rights of individuals subject to background checks by third-party consumer reporting agencies (CRAs) under the federal Fair Credit Reporting Act (FCRA). The Advisory also seeks to remind users (e.g., employers) of their obligations under FCRA.
Dwolla Fined $100,000 by CFPB in First Data Security Enforcement Action
The Consumer Financial Protection Bureau (“CFPB”) gave the fintech online payment sector a “wake up call” with an enforcement action against a Des Moines start up digital payment provider, Dwolla, Inc. (“Dwolla”).
The CFPB alleged that Dwolla misrepresented how it was protecting consumers’ data. Dwolla entered into a Consent Order to settle the CFPB charges
Social Media Guidance Issued For Financial Institutions
The Federal Financial Institutions Examination Counsel (FFIEC) recently issued supervisory guidance entitled “Social media: Consumer Compliance Risk Management Guidance.” Financial institutions are expected to use the Guidance in their efforts to ensure that their policies and procedures provide oversight and controls commensurate with the risks posed by their involvement in social media.
The Guidance was