The Consumer Financial Protection Bureau (CFPB) recently announced a settlement over Fair Credit Reporting Act (FCRA) violations which stated consumer harm, but did not include restitution or a civil money penalty.
State Farm Bank was charged with obtaining reports from consumers who were not involved in any transaction with the bank, and with opening vehicle-loan applications for consumers who had not applied for a loan, so the bank then could solicit the consumers.
Find out more details about the terms of the settlement.