The Future of Consumer Reporting with CDIA President Dan Smith

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The consumer reporting system is undergoing rapid change, raising important questions for financial institutions, consumer reporting agencies, data furnishers, and consumers. In this week’s episode of the Consumer Finance Monitor podcast, our host Alan Kaplinsky (founder, former practice group leader for 25 years and now Senior Counsel of our Consumer Financial Services Group) is joined by Dan Smith, President and CEO of the Consumer Data Industry Association (CDIA), and Adam Maarec, a member of our Consumer Financial Services Group, for an in-depth discussion of the legal, regulatory, and technological developments reshaping the consumer reporting ecosystem.

Key Topics Discussed:

• The broad reach of consumer reporting, including its role in underwriting, tenant and employment screening, fraud prevention, identity verification, and other activities that affect consumers’ everyday lives.
• The Fair Credit Reporting Act (FCRA) and the obligations of consumer reporting agencies and data furnishers to maintain accurate information and investigate consumer disputes.
• The effects of the growing use of artificial intelligence
• The CFPB’s recent changes to its consumer complaint portal
• The distinction between the FCRA’s formal dispute process and complaints submitted to the CFPB
• The expanding role of alternative data in credit underwriting
• Section 1033 of the Dodd-Frank Act
• Regulatory outlook for the consumer reporting industry

This episode offers a timely and practical examination of an industry in transition. For financial institutions, fintech companies, consumer reporting agencies, data furnishers, and their counsel, understanding these developments is increasingly important to navigating compliance obligations, evaluating emerging underwriting tools, and preparing for the next generation of consumer reporting.

Consumer Finance Monitor is hosted by Alan Kaplinsky, Senior Counsel at Ballard Spahr, and the founder and former chair of the firm's Consumer Financial Services Group. We encourage listeners to subscribe to the podcast on their preferred platform for weekly insights into developments in the consumer finance industry.

View a transcript of the recording here.

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