The Consumer Financial Protection Bureau continues to bring transparency and accountability to consumer reporting agencies. Today, the CFPB warned specialty credit reporting agencies that they may be violating federal law by not providing consumers with easy access to credit reports. … Continue reading
Tag Archives: Fair Credit Reporting Act
LowCards Weekly Credit Card Update October 12
Wal-Mart and AmEx in Prepaid Card Deal Wal-Mart Stores is taking another leap into the banking world, announcing on Monday a prepaid card and debit account with American Express that will give low-income consumers access to features like smartphone deposits. … Continue reading
LowCards Weekly Credit Card Update October 5
U.S. Credit Card Lenders Shun Add-Ons as CFPB Cracks Down Chase, Bank of America and American Express are among credit card lenders retreating from a $2.4 billion market as regulators seek curbs on deceptive marketing of products including debt cancellation. Scrutiny … Continue reading
Supreme Court Hears Case Against Government for Credit Card Violation
Today, the U.S. Supreme Court heard oral arguments that question whether the federal government can be held liable for money damages for violating the Fair Credit Reporting Act. The case, United States vs. Bormes, originated when a lawyer, James Bormes, paid … Continue reading