By Adrianne Appel2024-10-25T13:55:00
Businesses need to follow the consumer protection rules of the Fair Credit Reporting Act (FCRA) when engaging in employee surveillance, which includes background reports about employees produced by third parties using artificial intelligence, the Consumer Financial Protection Bureau (CFPB) said Thursday in new guidance.
The FCRA was originally passed by Congress in 1970 to protect consumers from unfair credit reports. Credit reports have been used by banks and lenders to assess an individual’s creditworthiness.
The agency’s new guidance makes clear that the CFPB is broadening the interpretation of the FCRA, and is applying–and enforcing–the tenets of the law on the electronic surveillance of employees and potential hires.
2025-01-07T19:16:00Z By Adrianne Appel
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, the agency said.
2024-11-04T20:09:00Z By Adrianne Appel
VyStar credit union has agreed to pay a $1.5 million fine and make restitution to customers harmed by its alleged lack of due diligence when it launched a new banking platform, the Consumer Financial Protection Bureau said.
2024-10-23T15:45:00Z By Adrianne Appel
Banks, credit card companies and other financial mainstays will be required to comply with new data privacy and retail account portability regulations under a sweeping rule issued Tuesday by the Consumer Financial Protection Bureau.
2025-09-15T16:47:00Z By Ruth Prickett
You can already buy a coffee with your phone, but soon you could start a job or buy a house with it. Digital compliance wallets holding certificates and documents on smartphones are gaining traction worldwide.
2025-09-10T23:26:00Z By Ruth Prickett
Delays to the U.K.’s Audit Reform and Corporate Governance Bill and creation of the ARGA regulator have sparked criticism. On Sept. 8, 66 MPs sent a letter to the Prime Minister urging reforms be returned to the Parliamentary agenda.
2025-09-08T05:00:00Z By Oscar Gonzalez
The FTC officially withdrew its appeal in a federal court case over its ban on employer noncompete clauses that it passed last year. The agency, however, says it wants public input regarding the effects of employer noncompete agreements.
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