On October 20, 2022, the CFPB issued guidance to consumer reporting companies about their obligation to screen for and eliminate obviously false “junk data” from consumers’ credit reports. According to the CFPB, companies need to take steps to reliably detect and remove inconsistent or impossible information from consumers’ credit profiles.

On July 28, 2022, the CFPB took action against U.S. Bank for illegally accessing its customers’ credit reports and opening checking and savings accounts, credit cards, and lines of credit without customers’ permission. According to the CFPB, U.S. Bank pressured and incentivized its employees to sell multiple products and services to its customers leading to employees unlawfully accessing customers’ credit reports and sensitive personal data to apply for and open unauthorized accounts.

On June 23, 2022, the CFPB issued a final rule to help survivors avoid some of the financial consequences of human trafficking. Through the final rule, the CFPB has established a method for survivors of trafficking to submit documentation to credit reporting companies that identifies any adverse item of information that resulted from human trafficking. The rule prohibits credit reporting companies from providing a report containing the adverse items of information.

On 1/13/22, the CFPB released a bulletin reminding debt collectors and credit bureaus of their legal obligations in light of the No Surprises Act, which protects consumers from certain unexpected medical bills. The bulletin advises credit bureaus that the accuracy and dispute obligations imposed by the FCRA apply with respect to debts stemming from charges that exceed the amount permitted by the No Surprises Act.

On 1/5/22, the CFPB issued its annual report on credit and consumer reporting complaints which includes an analysis of complaint responses by the three largest nationwide consumer reporting agencies - Equifax, Experian, and TransUnion. Based on the report, Equifax, Experian, and TransUnion routinely failed to fully respond to consumers with errors.

On 8/24/2020, the Federal Trade Commission (FTC) announced that they were seeking comment on five possible changes for rules implementing parts of the Fair Credit Reporting Act (FCRA) so that they become in line with the Dodd-Frank Act. As the FTC’s authority was limited when the Dodd-Frank Act transferred much authority to the CFPB, these changes would only apply to motor vehicle dealers.

On 6/16/2020, the CFPB issued a new compliance aid to provide financial institutions with additional information relating to the CARES Act and this COVID-19 pandemic. This new guide (Version 1) reiterates the Bureau’s April 1, 2020 “Statement on Supervisory and Enforcement Priorities Regarding the Fair Credit Reporting Act and Regulation V in Light of the CARES Act” and provides ten questions and answers to assist financial institutions in understanding Bureau expectations.