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In 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act was passed. It was a complex bill that included sweeping overhauls to a consumer’s legal right to his or her data, otherwise known as Section 1033.
Years later, the Consumer Financial Protection Bureau (CFPB) is still figuring out the exact policy changes needed to truly make this a reality. Unlike other industry-specific provisions in the act, the consumer data aspect affects all business transactions and has proven tougher to implement.
However, the CFPB is making moves to solidify consumer rights to their data in 2021. This is partly because of the rise of financial technology, or fintech, which relies heavily on data to bring consumers apps and websites that can manage financial transactions. Ensuring that the fintech boom is guided by clearly defined legal frameworks for protecting and providing consumer data on request is essential work for the future of the industry.
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In
Ellis v. Warehouse Home Furnishings Distribs., Judge Catherine M. Salinas, of the United States District Court for the Northern District of Georgia, granted summary judgment for Warehouse Home Furnishings Distributors, Inc., f/k/a Farmers Furniture Company (“Farmers”), holding that Ellis failed to raise a genuine issue of material fact as to whether “the Farmers tradeline on [Ellis’s] credit reports contained any inaccurate or incomplete information” or whether Ellis suffered damages regarding Ellis’s Fair Credit Reporting Act (“FCRA”) claim.
In 2013, Ellis obligated herself to making two hundred and fifteen-dollar monthly payments for twenty-four months under a Retail Installment Contract/Security Agreement with Farmers. Subsequently, Ellis obtained disability insurance that paid off Ellis’s loan by 2015. In 2018, two national credit reporting agencies prepared credit reports regarding Ellis’s Farmers tradeline listing the two hundred and fifteen-dollar mon
CFPB Taskforce Report (Part 2): The 19 Focus Areas and 102 Recommendations of Volume 2 Published on: 7 January 2021 at 11:00 a.m. ET Jan. 7, 2021, 11 a.m. March 5, 2021, 9:56 p.m. insideARM.com The iA Institute
http://www.insidearm.com/news/00046966-cfpb-taskforce-report-part-2-19-focus-are/
Editor s Note: Read Part 1, A Deep Dive Into the 4 Main Debt Collection-Related Topics of Volume 1,
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to the CFPB, not mandates or recommendations
from, (although they may become mandates at some point in the future if acted on by the Bureau s director).
Alternative Data
The Taskforce is interested but worried.
Alternative Data are pieces of consumer information not traditionally incorporated into a consumer s credit report: rent payments, for example, or utility bill payments. Deepening the pool of information available to creditors can help both the creditor and the consumer. So, as far as that goes, the Taskforce is for it.