In its first compliance bulletin of 2016, the CFPB once again focuses on consumer information furnishing practices of financial institutions. The bulletin focuses on the Fair Credit Reporting Act's requirement that furnishers establish and implement reasonable written policies and procedures regarding the accuracy and integrity of information furnished to all consumer reporting agencies (CRAs). The Bureau reminds furnishers of their obligation under Regulation V to employ such policies and procedures, but also warns furnishers that these requirements equally apply when reporting to specialty CRAs. According to the CFPB, the failure of a furnisher's policies and procedures to account for furnishing to all types of CRAs would render such policies and procedures inadequate under the law.
Additional Related Articles:
"Minimizing Legal and Compliance Risk for Credit Furnishers," a Venable-hosted Webinar
Data Furnishers: Reducing Supervision and Enforcement Risk
Furnishing Information to the Bureaus? Make Sure It Is Accurate
Navigating Consumer Financial Protection Bureau (CFPB) Investigations and Enforcement Actions
What to Know about CFPB Supervision and Examination
CFPB Debt Collection Exams, Investigations and Enforcement Actions
Upcoming Events:
"Current Issues in Debt Buying: Hot Topics Panel" at the DBA International 19th Annual Conference
Thursday, February 11, 2016 | 10:10 a.m. - 12:00 p.m. PT
Aria Resort & Casino
3730 S Las Vegas Blvd
Las Vegas, NV 89158
Venable's Jonathan L. Pompan will present a legal and regulatory update for debt buyers and collectors at the DBA International Conference in Las Vegas, Nevada. Topics that will be discussed include the latest developments from the Consumer Financial Protection Bureau, the Federal Trade Commission, and state Attorneys General.
Click here to register or for more information.
CFPB Complaints, Compliance, and Enforcement: Trends and Tips
Wednesday, February 17, 2016 | 2:00 - 3:00 p.m. ET
Webinar
Venable's Jonathan L. Pompan and David Morgan, Chief Revenue Officer at PerformLine, Inc. will highlight notable recent CFPB activity, the increasing need for companies to manage consumer complaints and to understand what they mean, the increasing need to establish a culture of proactive compliance for exams and to avoid enforcement, and what companies can do to get there.
Click here to register or for more information.
"Navigating Consumer Protection, Complaints and Regulatory Oversight" at LeadsCon Las Vegas
Thursday, March 17, 2016 | 10:00 - 10:50 a.m. PT
Venetian Hotel & Casino
3355 S Las Vegas Blvd
Las Vegas, NV 89109
Venable's Alexandra Megaris will be part of a panel, discussing the latest enforcement actions, how to address complaints against your business, and where these regulatory agencies are focusing their efforts.