The Consumer Financial Protection Bureau (CFPB) proposed a settlement with a group of companies operating some of the largest credit repair brands in the country, requiring them to pay a fine of $2.7 billion and banning them from telemarketing credit repair services for 10 years. Key Takeaways

The Federal Trade Commission and the Consumer Financial Protection Bureau (CFPB) obtained a settlement that will require credit reporting agency Trans Union LLC and a subsidiary to pay a total of $15 million to settle charges they failed to ensure the accuracy of tenant screening reports by including inaccurate and incomplete eviction records about consumers, hampering their ability to obtain housing.

The Consumer Financial Protection Bureau settled a lawsuit alleging that its Taskforce on Federal Consumer Financial Law did not comply with the Federal Advisory Committee Act. Settlement: The CFPB said it will publicly release by March 22 all task force records that would have been made public if the CFPB had complied with FACA requirements.

In the lawsuit, the CFPB alleged that the defendants violated the Telemarketing Sales Rule (TSR) and the Consumer Financial Protection Act (CFPA). The settlement would require the companies to pay approximately $2.7 billion in consumer redress and more than $64 million in civil money penalties.

On November 29, 2021, the CFPB entered into a stipulated settlement agreement that required, among other corrective actions, the CFPB to release to the plaintiffs by March 22, 2022, all Taskforce records that would have been made public if the CFPB had complied with FACA’s requirements.