CFPB Issues Compliance Bulletin on FCRA

Last week the Consumer Financial Protection Bureau (CFPB) issued its latest Compliance Bulletin, called “The FCRA’s Requirement that Furnishers Establish and Implement Reasonable Written Policies and Procedures Regarding the Accuracy and Integrity of Information Furnished to all Consumer Reporting Agencies.”  A copy of the Bulletin can be found here.

The Bulletin was released in conjunction with the CFPB Field hearing on Checking Account Access, and on the same day the CFPB sent a letter to the 25 largest retail banks encouraging them to make available and widely market lower-risk deposit accounts that help consumers avoid over-drafting.

In Director Cordray’ s prepared remarks at that Field Hearing he stated, “The second step we are taking today to improve checking account access is to remind banks and credit unions of their obligations with respect to the accuracy of the information they report about consumer use of checking accounts. In addition, the consumer reporting companies also have an obligation to ensure accuracy when they sell this information to others. Today we are issuing a bulletin warning banks and credit unions that they must meet their legal obligation to have appropriate systems in place with respect to accuracy when they report information, such as negative account histories, to the consumer reporting companies.”

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