credit reporting agencies

On April 1st, the Consumer Financial Protection Bureau (“CFPB”) released a policy statement setting forth financial institutions’ obligations during the COVID-19 pandemic.  In addition to providing clarity regarding the recently-enacted Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), the CFPB’s pronouncement outlines a flexible approach towards credit reporting agencies and furnishers who, despite good-faith efforts, have had difficulty complying with Fair Credit Reporting Act (“FCRA”) requirements during the crisis.

Continue Reading Credit Reporting and COVID-19: CFPB Provides Flexibility to Financial Institutions