Credit Reporting

CFPB Bypasses Act of Congress and Renders FCRA Essentially Impotent – Two Likely Results: A Rise of Risky Lending or Difficulties in Obtaining Loans

INTRODUCTION             Recently, the Consumer Financial Protection Bureau (“CFPB”) issued an interpretive rule that came as a blow to the entire lending community. The interpretive rule effectively made a large portion of the Fair Credit Reporting Act (“FCRA”) useless, as it significantly narrowed the scope of the federal law and […]