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- Fair Credit Reporting Act (Reg V)
Act
FCRA is intended to ensure consumer reports are accurate and used for permissible purposes. It creates consumer protections and rights and imposes responsibilities on banks as users of consumer reports and entities furnishing information to the consumer reporting agencies. It also imposes on banks responsibility to prevent identify theft.
Some FCRA provisions are implements under Regulation V. The CFPB has indicated that it plans to being rulemaking in November 2023.
Statutes
Rules & Regulations
Staff Analysis
- Proposal Prohibiting Inclusion of Adverse Information in Consumer Reports
April 21, 2022
- CFPB’s 2022 Report of Credit and Consumer Reporting Complaints
January 13, 2022
- Summary of Bills Amending the Fair Credit Reporting Act
February 13, 2020
- Summary of Fall 2019 CFPB Supervisory Highlights: FCRA Furnisher Provisions
December 17, 2019
FCRA Questions from the Hotline
- If a bank receives a dispute about information it provided to a consumer reporting agency regarding a mortgage payment, does the bank follow the QWR/NOE timing requirements of Regulation X or the timing requirements of Regulation V’s §1022.43 for direct disputes?
- Under what circ*mstances is a bank required to send a risk-based pricing notice for an existing credit card account?
- Do the risk-based pricing (RBP) requirements contained in FCRA apply to consumer auto leases?
- The bank sent prescreened offers of credit based on FICO scores and included a stated Annual Percentage Rate. The bank, in some cases, honored the offered APR even if the applicant's FICO score had dropped. If the FICO score had dropped significantly, the bank issued a denial. Should the bank have included risk-based pricing notices?
- Mortgage loan borrowers sometimes call asking if our bank will lower the rate via a modification agreement rather than a refinancing. If such a request is not approved, is our bank required to send an adverse action notice?
Agency Guidance
Exam Procedures
- CFPB: Fair Credit Reporting Act
- FDIC: Fair Credit Reporting Act
- Federal Reserve: Fair Credit Reporting
- OCC: Fair Credit Reporting
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Policy Library
News
Policy Library
Comment Letter
Joint Comments to CFPB on the FCRA Rulemaking ProcessNovember 17, 2023
Comment Letter
ABA Letter to CFPB on Data Broker RFIJune 13, 2023
Comment Letter
Letter to CFPB on Credit HeaderMay 2, 2023
Amicus Brief
Holden v. Holiday InnFebruary 15, 2023
News
Article
The 2024 compliance outlookJanuary 18, 2024
NewsByte
CFPB issues final rule on credit reporting protections for human trafficking survivorsJune 23, 2022
NewsByte
ABA weighs in on CFPB’s human trafficking, credit reporting proposalMay 10, 2022
Related Training & Events
- Fair Credit Reporting Act (FCRA)
Self-Paced Training
- FCRA Adverse Action
Self-Paced Training
- FCRA Duties of Furnishers
Self-Paced Training
- FCRA Affiliate Information Sharing
Self-Paced Training
ABA Resources
ABA Web Page
Existing Privacy Laws Already Regulate Information SharingDecember 31, 2021
Guide
ABAWorks on Fraud: Identity Theft Red Flag RegulationApril 29, 2013
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