Compliance With The Fair Credit Reporting Act

LexisNexis (March 10, 2020, 10:14 AM EDT) -- While efforts continue to eliminate the Consumer Financial Protection Bureau (CFPB), as explained by Matthew Clark in our prior story, the controversial federal agency has been shifting its enforcement efforts from ruling by individual cases and administrative rule-making to broader supervision of the industry players and a “kinder, gentler” regulatory environment. In December 2019, the CFPB published a white paper entitled “Supervisory Highlights/ Consumer Reporting Special Edition.” The Special Edition sets forth a number of compliance issues that continue to arise, particularly in the home mortgage market, the consumer auto loan market, and the consumer deposit relationship. The purpose of this newsletter story is to summarize the agency’s supervisory findings and to serve as a compliance guideline for players in the consumer credit reporting arena....