protection laws rests with the Consumer Financial Protection Bureau (for banks, credit unions, and certain large business related to financial services, including consumer reporting and loan servicing) and the Federal Trade Commission (for businesses other than financial institutions). Consumer Financial Protection Bureau. The Consumer Financial Protection Bureau (CFPB), created in 2011 by the Dodd-Frank Wall Street Reform and Consumer Protection Act, has primary rulemaking authority for the FCRA as well as the Electronic Funds Transfer Act, the Fair Debt Collection Practices Act, and certain sections of GLBA. The CFPB is an independent agency within the Federal Reserve System. Federal Trade Commission. The FTC retains rulemaking authority regarding the FACTA Disposal Rule, Red Flags Rule, and GLBA Safeguards Rule. Enforcement. The CFPB, Office of Comptroller of the Currency, Federal Reserve Board, NCUA and the FDIC have enforcement authority over financial institutions subject to their oversight. The FTC has authority to carry out certain investigations and enforce consumer protection laws with regard to businesses and nonbank financial institutions that are outside the enforcement authority of the CFPB and the banking regulators. Civil Liability. Any person that negligently violates the FCRA may be liable for the actual damages incurred by the consumer together with reasonable attorneys’ fees. 15 U.S.C. § 1681o. Any person that willfully violates the FCRA may be liable to the consumer for any actual damages sustained by the consumer or statutory damages of not less than $100 and not more than $1,000, punitive damages, and attorneys’ fees and costs. 15 U.S.C. § 1681. Additionally, the FTC can impose administrative penalties under the Federal Trade Commission Act. FTC Enforcement Actions Under FCRA . A data broker, Spokeo , marketed consumer profiles to employers. Spokeo paid $800,000 to settle the charges after the FTC rejected their claim that they were not a
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