CFPB Issues Statement on Credit Reporting in Light of the CARES Act

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.

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This regulatory update is published jointly by Sandler Law Group (SLG) and Asurity Mortgage Group (AMG), an Asurity company doing business as AsurityDocs, to provide clients and friends with updates on new developments in the law. The content of this update is for informational purposes only. Nothing published herein is intended to constitute legal advice and the use of the information provided does not give rise to an attorney-client relationship with SLG. SLG and AMG expressly disclaim any representation of accuracy or reliability as to the content of this update, as well as any obligation to maintain such content over time or ensure it is free from errors. Diane Jenkins is the attorney responsible for the content of this update. Unless otherwise noted, the attorneys of SLG are not certified by the Texas Board of Legal Specialization.

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Diane Jenkins

Director, National Mortgage Compliance Practice Group, AsurityDocs Of Counsel, Sandler Law Group

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