Last Thursday, the Bureau of Consumer Financial Protection (the “Bureau”) announced a settlement with State Farm Bank, FSB (“State Farm”) regarding alleged violations of the FCRA as well as the Consumer Financial Protection Act of 2010. In the Consent Order, available here, the Bureau indicated that it found that State Farm violated the FCRA in numerous ways including: obtaining consumer reports without a permissible purpose; failing to promptly update or correct information furnished to credit-reporting-agencies (“CRAs”); furnishing information to CRAs without providing notice that the information was disputed by the consumer; and failing to establish and implement reasonable written policies and procedures regarding the accuracy of the information provided to CRAs. State Farm did not admit or deny the Order’s findings of fact or conclusions of law.
CFPB Enters Into Consent Order with State Farm Regarding Alleged FCRA Violations
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- Written by: Sterling Laney of FCRAland
- Category: Breaking News - Daily