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On January 5, 2020, the CFPB’s Task Force on Federal Consumer Financial Law issued its report “with recommendations on how to improve consumer protection in the financial marketplace.”
In August 2020, the CFPB issued a report, The Early Effects of the COVID-19 Pandemic on Consumer Credit. The Bureau also issued a press release covering the report.
Deeper in the pandemic, in July 2020, the European Commission largely adopted the how financial institutions and credit bureaus should treat consumers in financial peril as a result of the COVID-19 pandemic.
In July 2019, the Federal Reserve issued its first report on synthetic identity fraud, Synthetic Identity Fraud in the U.S. Payment...
In July 2020, the Federal Reserve issued a report, Mitigating Synthetic Identity Fraud in the U.S. Payment System. The paper was authored by Jim Cunha, Payments Security Strategy Leader and Fintech Division Head Senior Vice President at the Federal Reserve Bank of Boston.
In July 2020, the CFPB announced a new report, Financially Fit? Comparing the credit records of young servicemembers and civilians, and published a web page summarizing the report.
A paper was released in June 2020 by Chesapeake Risk Advisors, LLC. The paper, Economic Impacts of a Moratorium on Consumer Credit Reporting discusses the risks associated with data suppression.
During the COVID-19 pandemic, global financial authorities have been encouraging full reporting, and not suppression.
In May 2020, the American Association of Motor Vehicle Administrators (AAMVA) issued an Interim Report, Managing Data Privacy and External Access. ...
The CFPB released its latest fair lending report, Protecting consumers and encouraging innovation: 2019 Fair Lending Report to Congress with a covering blog posting.
Blog Post Press Release Report
2020
In April 2020, the Policy & Economic Research Council (PERC) issued a blog posting, COVID-19 and Credit Reporting: Suppression is Not the Solution.
The CFPB released its latest fair lending report, Protecting consumers and encouraging innovation: 2019 Fair Lending Report to Congress with a covering blog posting. Of note is a section, Innovations in access to credit with a subsection on “providing adverse action notices when using artificial intelligence and machine learning models.”
In February 2020, HUD and PERC, a global consulting firm, released a study examining how reporting rent payments made by thousands of HUD-assisted households to nationwide consumer reporting agencies would impact the credit standing of these families.
In December 2019, the CFPB issued a report, A new retrospective on the removal of public records. This is another in a series of quarterly consumer credit trends.
In December 2019, the CFPB issued Supervisory Highlights Consumer Reporting Special Edition, Issue No. 20 (Fall 2019). The report addresses several issues. Under Supervisory Observations at Furnishers, the report addresses Reasonable, written policies and procedures; Prohibition of reporting information with actual knowledge of errors; Duty to correct and update information; Duty to provide notice of delinquency of accounts; and Obligations upon notice of dispute.