by Jeff Sovern The WSJ has an interesting story out, Trump Administration Seeks to Change Rules on Bank Lending to the Poor, that reports: Community groups say the law should be expanded in order to bring opportunity to more low-income areas, while banks say they would do a better job of helping these people if the […]
Category Archives: Credit Reporting
The report comes from Allied Progress. Excerpt: Just before the holiday break, Consumer Financial Protection Bureau (CFPB) “Acting Director” Mick Mulvaney announced that several of his senior staff from the Office of Management and Budget (OMB) would be taking on leadership roles at the CFPB. That list included his chief of staff Emma Doyle. What […]
Here, by Sophia Morris. Among the cases is the possible return of Spokeo to SCOTUS. Standing is also an issue in another case mentioned in the report, but in the second case the issue arises in connection with a data breach.
by Jeff Sovern Much has been made of the fact that the day the Equifax breach became public, Congress held a hearing on bills that would have limited damages credit bureaus would have to pay for misconduct. This past Tuesday, the Senate Banking Committee held a hearing titled Consumer Data Security and the Credit Bureaus […]
or click here. If you don't have time for the whole segment, here is a 34-second excerpt about the arbitration snafu.
by Jeff Sovern Yesterday the Senate Banking Committee held a hearing on consumer data security. The Hill covered it, in a report headlined Senators bear down on credit reporting industry over data security. Here is an excerpt: “If they lose my data as Equifax did, or if someone submits to them data that is an error […]
by Jeff Sovern The WSJ article is here. Excerpt: Rep. Patrick McHenry of North Carolina introduced a bill to require the three major credit firms—Equifax, Experian PLC and TransUnion—to submit to regular federal cybersecurity reviews for the first time. All three companies also would have to phase out their use of Social Security numbers to verify consumers’ […]
Pat Akey of the University of Toronto – Rotman School of Management, Rawley Heimer of the Boston College – Department of Finance, and Stefan Lewellen of the London Business School have written Politicizing Consumer Credit. Here's the abstract: Using proprietary credit bureau data, we find that consumers’ access to credit decreases by 4.5 percent–8 percent […]
Here. The whole column is definitely worth a read, but here's an excerpt: The FCRA Liability Harmonization Act is particularly noxious. Authored by Rep. Barry Loudermilk (R-Ga.), the bill would cap actual and statutory damages for class actions involving credit agencies at $500,000, and completely eliminate punitive damages. Loudermilk said Friday that his bill “is […]
Last week, in an opinion piece in the Washington Post, WashU law professor Danielle D'Onfro proposed one way to hold Equifax accountable: "some old-fashioned judge-made doctrine." According to D'Onfro, "the data economy has outgrown our consumer protection regulations and we are on our own." She refers to a "Swiss cheese system of regulations that carry […]