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The CFPB Taskforce Recommends Limits on FCRA Class Action Awards in Report

The Consumer Financial Protection Bureau’s (CFPB) Taskforce on Federal Consumer Financial Law Report has issued a two-volume report on “how to improve consumer protection in the financial marketplace.” Volume I of the report outlines the history and present landscape of a wide variety of consumer protection laws that are currently in place, while Volume II contains the taskforce’s recommendations to enhance the financial services market, as well as the difficulty some consumers face placing or removing security freezes and the volume of consumer complaints on this issue. More than 100 recommendations were issued, with seven directly focused on improving consumer credit reporting and the Fair Credit Reporting Act (FCRA) and consumer credit reporting generally. These include rulemaking and interpretive issues, research issues, security freezes, and legislation.

 

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Posted Under: Legal Issues

Post By Ken Shafton (887 Posts)