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Entries in Credit Reporting (2)


New Forms Required by FCRA for Background Checks on Current and Potential Employees

As of January 1, 2013, employers who obtain background checks on employees and job applicants from consumer reporting agencies were required to utilize revised notices and disclosures under the Fair Credit Reporting Act.  For more information and links to the revised documents, refer to a Client Alert written by Tawny Alvarez, an attorney in our Labor and Employment Law Group, which was recently posted to the Group’s blog.


CFPB Proposes Definitions for “Larger Participants” in Debt Collection and Credit Reporting Industries

The Consumer Financial Protection Bureau (“CFPB”) has issued a proposed rule defining its authority to examine nonbank “larger participants” in the debt collection and consumer credit reporting industries. The term “larger participant” was not defined in Dodd-Frank. Although the CFPB has the authority to examine any nonbank company in the mortgage, payday lending, and private student lending markets, the CFPB’s jurisdiction to examine companies in other consumer financial markets is limited to “larger participants.”

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