Is This the End of Credit Reporting for Debt Collectors? Published on: 18 February 2021 at 04:11 a.m. ET Feb. 18, 2021, 4:11 a.m. Feb. 18, 2021, 9:37 a.m. insideARM.com The iA Institute
http://www.insidearm.com/news/00047081-end-credit-reporting-debt-collectors/
Since December 1, 2004, the Fair Credit Reporting Act (“FCRA”) has required financial institutions that extend credit and furnish information to a consumer reporting agency (“CRA”) to provide notice to the customer prior to, or no later than thirty days after, furnishing negative information about the customer. 15 U.S.C. § 1681s-2(a)(7)(A)(i). Because debt collectors do not extend credit to customers, they have not been subjected to this notice requirement. As a result, some debt collectors furnish collection information about a debt to CRAs without first providing notice to the consumer. However, pursuant to the recent debt collection final rule issued by the Consumer Financ
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Southern District of New York Reaffirms That Seven-Year Window for Reporting Delinquent Account Resets Following Cure and Later Repeated Default Wednesday, February 17, 2021
On February 1, 2021, the Southern District of New York denied Jason Wimberley’s motion to file a second amended complaint finding that despite the liberal standard applied to
pro se pleadings, his proposed second amended complaint failed to state a claim under the Fair Credit Reporting Act (FCRA) against Experian Information Solutions (“Experian”).
Wimberley v. Experian Information Solutions, 2021 WL 326972 (S.D.N.Y. Feb.1, 2021).
The proposed second amended complaint contained twelve separate causes of action related to his student loans, including multiple counts for violations of FCRA and New York’s state law counterpart. Wimberley’s credit reporting claims were largely based on his contention that information regarding his student loans was reported beyond the s
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On February 10, 2021, acting Federal Trade Commission (FTC) Chairwoman Rebecca Kelly Slaughter delivered a keynote address on “Protecting Consumer Privacy in a Time of Crisis”
1 at the Future of Privacy Forum’s annual Privacy Papers for Policymakers event. She laid out her views on how the FTC can make its privacy and data security enforcement more efficient and effective, and identified areas that the FTC should focus on under the new administration. President Biden designated Ms. Slaughter acting chairwoman of the FTC at the end of January after Republican Chairman Joe Simons announced his resignation. While we still don’t know who President Biden will choose to serve as the permanent FTC Chair in the new administration, acting Chairwoman Slaughter’s remarks provide useful insight into the commission’s potential privacy priorities under a new Democratic majority.
FTC Could Let Consumer Financial Protection Bureau Oversee Fintech natlawreview.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from natlawreview.com Daily Mail and Mail on Sunday newspapers.