🏦CFPB Proposes Changes to Fair Credit Reporting Act Regulations
Fair Credit Reporting Act (Regulation V); Identity Theft and Coerced Debt; Extension of Comment Period
Summary
On December 13, 2024, the Consumer Financial Protection Bureau (CFPB) published in the Federal Register an Advance Notice of Proposed Rulemaking (ANPR) seeking information in advance of preparing a proposed rule to address concerns related to information furnished to credit bureaus and other consumer reporting agencies as a result of coercion. The ANPR provided a comment period that was set to close on March 7, 2025. To allow interested persons more time to consider and submit their comments, the CFPB has determined that an extension of the comment period until April 7, 2025, is appropriate.
Agencies
- Consumer Financial Protection Bureau
Business Impact
$$ - Med
The text concerns proposed regulatory changes to the Fair Credit Reporting Act related to coerced debt and identity theft. Compliance with these new regulations will impact businesses that furnish information to credit bureaus, requiring them to ensure their practices align with forthcoming rules, which indicates a direct regulatory impact on operational and financial aspects.