Tag: Fair Credit Reporting Act

1
Spokeo Redux: Ninth Circuit Holds That a Statutory Violation under FCRA May, without More, Establish a Concrete Injury for Purposes of Article III Standing
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CFPB Takes Aim at Marketplace Lenders
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CFPB Finalizes Rule Permitting Financial Institutions to Post Privacy Notices Online

Spokeo Redux: Ninth Circuit Holds That a Statutory Violation under FCRA May, without More, Establish a Concrete Injury for Purposes of Article III Standing

By: Andrew C. Glass, Gregory N. Blase, Roger L. Smerage, Hollee M. Watson

The Ninth Circuit has opined, again, on whether a statutory violation of the Fair Credit Reporting Act (“FCRA”), 15 U.S.C. §§ 1681, et seq.—by itself—constitutes a concrete injury for Article III standing purposes. Last year, in Spokeo, Inc. v. Robins, the United States Supreme Court vacated and remanded the Ninth Circuit’s original opinion on the issue. Although the Ninth Circuit had reviewed the plaintiff’s allegations for existence of a particularized injury, it had not separately analyzed whether they described a sufficiently concrete injury. In Spokeo, the Supreme Court ruled that “a bare procedural violation [of a federal statute], divorced from any concrete harm,” does not suffice to “satisfy the injury-in-fact requirement of Article III.” But the Court declined to define a “bare procedural violation” in favor of allowing the Ninth Circuit to first consider the question. Now that the Ninth Circuit has done so, the Supreme Court may take up the question once more.

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CFPB Takes Aim at Marketplace Lenders

By David Christensen

Last Fall, in its 2015 Rulemaking Agenda, the Consumer Financial Protection Bureau (“CFPB”) signaled its intent to “to develop rules to define larger participants in markets for consumer installment loans.”[1] Under the Dodd-Frank Act, the CFPB is authorized to issue “larger participant” rules to define entities in a particular market for consumer financial products or services. The issuance of such rules opens the door for supervisory and examination authority over such entities. Fast forward to Spring 2016, when the CFPB announced that it is accepting complaints from consumers regarding alleged problems with online marketplace loans, and it appears that the CFPB has marketplace lenders squarely in its sights.[2]

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CFPB Finalizes Rule Permitting Financial Institutions to Post Privacy Notices Online

By: Kristie D. Kully, David A. Tallman, Jeremy M. McLaughlin

Last week, the CFPB last week finalized its rule permitting certain financial institutions to post their annual privacy notices online, claiming it will benefit consumers and financial institutions alike. The rule became effective on October 28, 2014, and applies to banks and non-banks within the CFPB’s jurisdiction.

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