Recently, the Consumer Financial Protection Bureau (CFPB) proposed a new rule to limit the inclusion of medical debt in consumer credit reports. This move has sparked serious concerns among financial experts and members of Congress, particularly the House Financial Services Committee, which expressed their opposition in a formal letter. They argue that the rule could disrupt the credit system, making it harder for consumers, especially low-income borrowers, to access affordable credit.
In August, a hacker dumped 2.7 billion data records, including Social Security numbers, on a dark web forum, in one of the biggest breaches in history. National Public Data, the owner of the data, has now acknowledged the incident, blaming a “third-party bad actor” that hacked the company in December 2023.
In this episode of FCRA Focus, host Kim Phan is joined by fellow Troutman Pepper partner Stefanie Jackman and Michelle Macartney, managing partner and chief compliance officer at Bridgeforce.
For Klarna, buy now, pay later (BNPL) may serve as an onramp toward building a wider financial ecosystem tied to its app — and perhaps, will give banks a run for their money (literally). The company said in a blog post on Thursday (Aug. 15) that it would debut personal accounts for its users, and, in a new wrinkle on the traditional BNPL model, Klarna’s posting comes with the heading “Save Now, Pay Later.”
The Federal Trade Commission on August 14 announced a final trade regulation rule intended to fight fake reviews and testimonials by prohibiting their purchase or sale and by allowing the agency to seek civil penalties against violators.
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