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CFPB Reminds Agencies That ‘Name-Only’ Matching Procedures Violate The FCRA

Source-site Although it seems self-evident that the uniqueness of a particular person can be more readily confirmed when many pieces of identifying information about them are considered, consumer reporting agencies (CRAs) like Equifax, Experian, TransUnion and background screening companies have…
Educational News

CFPB Issues Request For Information Regarding Junk Fees

Source-site On January 26, 2022, the Consumer Financial Protection Bureau (CFPB) issued a Request for Information Regarding Fees Imposed by Providers of Consumer Financial Products or Services (RFI). In the RFI, the CFPB seeks public feedback regarding fees that are…
Legal News

Auto Lender Santander Agrees To Pay $5.5M Over Debt Collection

Source-site BOSTON (AP) — A subprime auto lender has agreed to pay more than $5.5 million to Massachusetts to resolve allegations that it did not provide proper explanations about its auto loan debt collection practices to consumers, the state attorney general’s office…
Legal News

Pennsylvania Federal Court Holds Debt Collector’s Communication With Vendor Could Violate FDCPA

Source-site The United States District Court for the Eastern District of Pennsylvania recently held that a debt collector’s communication with a letter vendor could constitute an FDCPA violation. See Khimmat v. Weltman, Weinberg & Reis Co., LPA, 2022 U.S. Dist. LEXIS 21076…
Legal News

Capital Federal Credit Union opens in Lubbock to serve underserved communities

Source-site LUBBOCK, Texas (KCBD) – The grand opening for Capital Federal Credit Union is scheduled to happen at 3 p.m. today at 4210 50th Street. The vision is to serve Lubbock’s underserved communities. Royce and Linda Lewis, owners of Capital…
Government News

IRS Temporarily Halts Collection Notices

Source-site In what will undoubtedly come as a relief to taxpayers who are tired of getting mail from the IRS, the agency announced Wednesday that it is suspending more than a dozen automated letters so it can catch up on…
Government News

Massachusetts Legislature Advances Data-Privacy Bill

Source-site   The Massachusetts Statehouse in Boston. The Mipsa bill passed a bipartisan vote with no objections from the state legislature’s joint committee. Massachusetts is a step closer to becoming the next U.S. state to bring in strict consumer-privacy laws…
Educational News

CFPB highlights changes in VA medical debt credit reporting practices as precedent for broader healthcare industry

Source-site In a blog post, the CFPB reported that the Department of Veterans Affairs (VA) has announced a change to when it will report information on outstanding medical bills to consumer reporting companies. Under the new VA rule, the VA…
Legal News

U.S. Consumers Stand To Save Billions From Banks’ Overdraft Reforms

Source-site In one of the first efforts to tally the impact of recent overdraft fee reforms, a new analysis finds that changes under way at just five banks could save consumers more than $2 billion annually. The Pew Charitable Trusts…
Legal News

VA Changes Debt-Reporting Procedure

Source-site Veterans who owe money to the Department of Veterans Affairs will have a better chance to avoid having their debt reported to consumer reporting agencies (CRAs). VA has amended its procedures for reporting these debts until all available efforts…