Consumer Credit Credit Unions Judgment 
Account Recovery
MAY 2, 2025
The Consumer Financial Protection Bureau has agreed to end a lawsuit by joining industry groups in asking a federal judge to vacate its controversial rule banning the reporting of medical debt on consumer credit reports. If it does, the rule will be vacated, and the CFPB will be barred from enforcing it.
Account Recovery
FEBRUARY 24, 2025
District Court for the Eastern District of Texas granted the CFPBs unopposed motion for a 90-day stay in the litigation filed by Cornerstone Credit Union League and Consumer Data Industry Association (the Plaintiffs). WHAT THIS MEANS, FROM AYLIX JENSEN OF MOSS & BARNETT: OnFebruary 6, the U.S. Stay tuned! More details here.
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Credit Corp
JUNE 8, 2023
Using credit irresponsibly by making late payments and maxing out credit limits can have an affect your credit negatively and lower your credit score. How Does Credit Reporting Work? The bureaus collect and store your credit information in your credit file for future reference.
Troutman Sanders
OCTOBER 16, 2023
On October 11, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion concerning consumers’ requests for information regarding their accounts with large banks and credit unions. For more information, click here. For more information, click here. For more information, click here.
Collection Industry News
MAY 18, 2021
In a letter sent to the leaders of the House and Senate , CUNA President/CEO Jim Nussle stated his objections to section 403 of the bill, which would amend the Fair Credit Reporting Act to prohibit credit scoring models from treating certain medical debt information on consumers’ credit report as a negative factor.
Troutman Sanders
NOVEMBER 2, 2020
The legislation would benefit banks and credit unions with assets under $15 billion. Privacy and Cybersecurity Activities: On October 30, the Federal Trade Commission (FTC) shared tips to consumers who may have fallen victim to identity theft. For more information, click here. For more information, click here.
Troutman Sanders
JUNE 14, 2023
On June 8, the board of governors for the Federal Reserve (the Fed), Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), and the OCC requested public comment on proposed guidance addressing reconsiderations of value (ROV) for residential real estate transactions.
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