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The Consumer Financial Protection Bureau recently warned companies against unlimited digital surveillance of employees. Issued Oct. 24, the guidance called on companies to follow the Fair Credit Reporting Act when using third-party consumer reports, including background dossiers and surveillance-based algorithmic or “black box” AI scores.
Section 1033 requires financial institutions, credit card issuers and other financial institutions to transfer consumers’ personal financial data to another provider for free at the consumer’s request. The rule also requires personal financial information to only be used for reasons authorized by the consumer. Section 1033 bans “screen scraping,” when consumers provide their account passwords to third parties which then use the information to access data through online banking portals.
The Consumer Financial Protection Bureau and Justice Department fined Madison, Wis.-based mortgage firm Fairway Independent Mortgage $1.9 million for redlining black neighborhoods in Birmingham, Ala.
Consumers sometimes face inaccurate loan disclosures and are being charged for additional products without their consent, according to an Oct. 7 supervisory highlights report from the Consumer Financial Protection Bureau.
Debt collectors violate federal law by collecting legally invalid or inaccurate medical debt, according to Oct. 1 guidance from the Consumer Financial Protection Bureau.
Active duty and veteran college students face challenges in receiving assistance from student loan servicers, according to a Consumer Financial Protection Bureau report.
Banks must prove they have secured consumer buy-in before charging overdraft fees, according to recently published guidance from the Consumer Financial Protection Bureau.
The Consumer Financial Protection Bureau fined TD Bank $27.7 million for sharing inaccurate customer information with consumer reporting companies.
Rental and medical debt collectors are using illegal tactics to collect consumer debt they are not owed, according to a recent Consumer Financial Protection Bureau annual report on debt collection.
Kroger, Dollar Tree/Family Dollar and Dollar General collected $90 million in fees from customers requesting cash back while using a debit or credit card, according to a report from the Consumer Financial Protection Bureau.