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Equifax data breach news was overheard by senior financial manager, Dishinger. The SEC alleged Dishinger knew the information about Equifax was material and tipped off Lawrence which was a violation of her obligations to her employer. The SEC is suing for insider trading.
The advisory opinion clarifies that permissible purposes under the Fair Credit Reporting Act the FCRA are consumer specific and highlights that a person who uses or obtains a consumer report is strictly prohibited from doing so without a permissible purpose under the FCRA.
On July 7, 2022, the CFPB addressed the FCRA’s permissible purpose provision in an advisory opinion. Both CRAs and consumer report users should take notice. By way of...
As NAFCU reported last week, on July 7th the CFPB published an advisory opinion regarding “Fair Credit Reporting; Permissible Purposes for Furnishing,
Advisory affirms that “permissible purposes” are required to use and share credit reports and background reports.