Tag Archives: Consumer Finance

California Ruling Requires TransUnion to Pay Record $60M for FCRA Violations; Suit Alleged Consumer Reports Erroneously Linked Consumers to Criminals in OFAC Database

A California jury in federal court ruled on Tuesday, June 20, that TransUnion violated the Fair Credit Reporting Act (FCRA) by erroneously linking certain consumers with similarly named terrorists and criminals in the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC’s) database.  The jury awarded statutory and punitive damages in excess of $60 million, … Continue Reading

CFPB to Collect Information on Mobile Financial Services; Cites Customer Service and Privacy Issues as Areas of Concern

The Consumer Financial Protection Bureau (CFPB) announced today that it would launch an inquiry “into the opportunities and challenges associated with the use of mobile financial services.” The official notice, which will be published in the Federal Register tomorrow, seeks information about how consumers are using mobile financial services to access products and services, manage … Continue Reading