- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
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.
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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.
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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.
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The Trump administration is preparing to ask the European Union to alter or water down its rules on content moderation on social media, claiming that they hurt the competitiveness of American technology companies.
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