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The Regulatory Landscape for Indirect Auto Lenders After Ally
In December 2013, the Consumer Financial Protection Bureau (CFPB) announced its first settlement in the indirect auto lending industry. The target company was Ally Financial Inc. and Ally Bank (Ally). The CFPB alleged…
Wyndham Agrees to Settle FTC Data Security Case
After four years of litigation, this past Wednesday, Wyndham Worldwide Corporation and three of its subsidiaries (collectively, “Wyndham”) settled the Federal Trade Commission’s (“FTC”) allegations that the global…
CFPB Obtains $13M FCRA Settlement with Employee Background Screening Providers
The CFPB recently initiated an enforcement action against General Information Services (GIS) and its affiliate, e-Background-checks.com, Inc. (BGC) for allegedly violating the Fair Credit Reporting Act (FCRA) by…
Reauthorization of MOU Between CFPB and FTC Promotes Regulatory "Harmony"
The Federal Trade Commission (“FTC”) and the Consumer Financial Protection Bureau (“CFPB”) announced on March 12 the reauthorization of the Memorandum of Understanding (“MOU”) entered into by the two agencies on…
NY AG Settlement with Three Largest National Credit Reporting Agencies Promises Critical Reform to Credit Reporting Industry
On March 9, 2015, New York Attorney General Eric Schneiderman announced its settlement with the nation’s three largest national credit reporting agencies (“CRAs”): Experian, Equifax, and TransUnion. This announcement…