New CFPB Procedure: Credit Reporting Agencies Must Report and Take Action On Furnishers

By | MoFo Reenforcement | December 17, 2014
New CFPB Procedure: Credit Reporting Agencies Must Report and Take Action On Furnishers

On December 11, 2014, the CFPB announced a major change related to its monitoring of furnishers involved in credit reporting. The CFPB introduced a new requirement that “major credit reporting companies,” as part of ongoing examinations, must now provide regular reports concerning the accuracy of the furnishers providing them with consumer data.

CFPB Sues Company for Alleged Credit Card Sham

By | CFPB Monitor | December 17, 2014
CFPB Sues Company for Alleged Credit Card Sham

A new lawsuit filed by the CFPB alleges that a Texas-based company, Union Workers Credit Services, deceived consumers into paying fees to sign up for a “platinum card” that purported to be a general-use credit card but, in actuality, could only be used to buy products from the company.

CFPB Announces Pilot to Promote Consumer Savings

By | CFPB Monitor | December 16, 2014
CFPB Announces Pilot to Promote Consumer Savings

Through its Project Catalyst, the CFPB’s initiative for facilitating innovation in consumer-friendly financial products and services, the CFPB has announced a new research pilot using insights from behavioral economics and an American Express trial program to evaluate the effectiveness of certain practices to encourage prepaid card users to develop regular saving behavior.