The Consumer Financial Protection Bureau (“CFPB”) issued a policy statement outlining the responsibility of credit reporting companies and furnishers in light of the recently enacted Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”).
The CFPB indicated it will take a “flexible supervisory and enforcement approach during this pandemic regarding compliance with the Fair Credit Report Act (“FCRA”) and its accompanying Regulation V” and sets forth the following specific flexibilities:
Furnishing Consumer Information – The CARES Act requires lenders to report to credit bureaus that consumers are current on their loans if consumers have sought relief from their lenders due to the pandemic. The CFPB has indicated that it does not intend to cite in examinations or take enforcement actions against lenders who furnish information to consumer reporting agencies that accurately reflects the payment relief measures they are employing.
Disputes – The statement also indicated the CFPB is providing flexibility in regard to the timeframe for investigating disputes. Generally, lenders furnishing credit information are required to investigate disputes to credit reports within 30 days of receipt of the dispute with an extension given in certain circumstances. The CFPB indicated that it does not intend to cite in an examination or bring an enforcement action against a lender making good faith efforts to investigate disputes as quickly as possible, even if dispute investigations take longer than time period set forth in the statute.