- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Adrianne Appel2025-01-07T19:16:00
Banks and other lenders will be prohibited from using medical debt information in credit reports, under a new rule finalized by the Consumer Financial Protection Bureau (CFPB), the agency said Tuesday.
Credit reports are tally sheets that list a person’s assets and debts, and often are accompanied by an overall score, which banks and other lenders use to determine if a loan applicant is eligible for a mortgage or loan. Credit reports are created by three credit bureaus, Equifax, Experian, and TransUnion, which are private companies that make money by charging fees for the reports.
Debts, including unpaid medical bills, can weaken a person’s credit score and shut them out of loans or make it more expensive for them to borrow. Credit scores are created by mainly two companies, FICO and VantageScore.
2025-02-12T15:20:00Z By Adrianne Appel
Enforcement and all other operations at the Consumer Financial Protection Bureau have come to a screeching halt under Trump administration directives but a pair of lawsuits aimed at keeping the agency open mean the stoppage could be short-lived.
2025-01-06T18:41:00Z By Adrianne Appel
A Berkshire Hathaway unit that is a major lender to people buying mobile homes intentionally failed to qualify borrowers, the Consumer Financial Protection Bureau alleged in a complaint. As a result, many families ultimately lost their homes and sank into debt, echoing a series of events that helped power the ...
2024-11-21T18:30:00Z By Adrianne Appel
Big Tech digital payment apps will be subjected to increased oversight and requirements–similar to that of banks and credit unions–under a finalized rule by the Consumer Financial Protection Bureau.
2025-06-09T15:18:00Z By Neil Hodge
The buzz around generative AI has reached fever pitch over the past few years—to such an extent that it’s practically a death knell for any company to say it’s not investing massively in gen AI to transform their business. There’s only one problem: many companies are either being misleading or ...
2025-05-30T18:06:00Z By Oscar Gonzalez
A new law in Texas will go into effect next January that requires Apple and Google to verify the age of their app store users. This marks another piece of legislation from the state level intended to protect children, and the second such law specifically from Texas to limit children’s ...
2025-05-23T16:46:00Z By Adrianne Appel
Thousands of computers and other consumer electronic devices imported into the U.S. that were certified as safe by foreign laboratories have been identified as having links to the Chinese government or military, Brendan Carr, chair of the Federal Communications Commission, said Thursday in announcing an order to close the security ...
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