Most Recent CFPB Supervisory Highlights Feature FCRA, Lo Compensation and Debt Collection Issues

The Consumer Financial Protection Bureau’s most recent supervisory highlights publication featured issues relating to the Fair Credit Reporting Act, loan originator compensation and in-person debt collection that should be on mortgage lenders’ and debt collectors’ radar.

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Federal Court Dismisses Putative FCRA Class Action for Lack of Standing and Plausible Willful Violation

Federal Court Dismisses Putative FCRA Class Action for Lack of Standing and Plausible Willful Violation

On August 19, the United States District Court for the District of Nevada dismissed a putative Fair Credit Reporting Act class action against two taxi companies that had allegedly violated the Fair and Accurate Credit Transactions Act by including the first digit and last four digits of consumers’ credit card numbers on fare receipts. 

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Supreme Court’s Spokeo Decision Strengthens Standing Defense for Employers in FCRA and Other Statutory Class Actions

In an important victory for employers, the Supreme Court in Spokeo, Inc. v. Robins held that a plaintiff does not have Article III standing to sue in federal court under the Fair Credit Reporting Act (FCRA) and other federal statutes absent a sufficient allegation of the existence of a concrete injury.

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