COVID-19 Update: CFPB Policy Statement Regarding Fair Credit Reporting Act

Scott Brown, corporate consumer finance partner, at Lewis Roca Rothgerber Christie LLP, spoke at a recent compliance conference on the Fair Credit Reporting Act ("FCRA"). The Consumer Financial Protection Bureau ("CFPB") issued a Policy Statement on April 1st regarding the CARES Act amendments to the FCRA. Below are points that may be of interest as outlined in the Policy Statement:

1. This is a "non-binding" Policy Statement.
2. The CFPB will apply a "flexible supervisory and enforcement approach" during the pandemic regarding compliance with the FCRA and Regulation V.
3. The CFPB will consider "circumstances" that furnishers face as a result of COVID-19, as well as good faith efforts to comply.