Thu. Jun 13th, 2024
Bureau of Consumer Financial Protection Settles with State Farm Bank

WASHINGTON, D.C. — The Bureau of Consumer Financial Protection (Bureau) today announced a settlement with State Farm Bank, FSB, a federal savings association headquartered in Bloomington, Ill.

As described in the consent order, the Bureau found that State Farm Bank violated the Fair Credit Reporting Act, Regulation V, and the Consumer Financial Protection Act of 2010 by obtaining consumer reports without a permissible purpose; furnishing to credit-reporting agencies (CRAs) information about consumers’ credit that the bank knew or had reasonable cause to believe was inaccurate; failing to promptly update or correct information furnished to 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 and integrity of information provided to CRAs.

Under the terms of the consent order, State Farm Bank must not violate the Fair Credit Reporting Act or Regulation V and must implement and maintain reasonable written policies, procedures, and processes to address the practices at issue in the consent order and prevent future violations.

The consent order is available at: https://files.consumerfinance.gov/f/documents/bcfp_state-farm-bank_consent-order.pdf

The stipulation and consent to the issuance of a consent order is available at: https://files.consumerfinance.gov/f/documents/bcfp_state-farm-bank_stipulation.pdf

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The Consumer Financial Protection Bureau (CFPB) is a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives. For more information, visit www.consumerfinance.gov.

Official news published at https://www.consumerfinance.gov/about-us/newsroom/bureau-consumer-financial-protection-settles-state-farm-bank/

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originally published at Finance - RSVTV news