CFPB Issues Final Rules on Civil Penalties and FCRA Disclosures
The rules are effective immediately.
2/5/2019 8:00 AM
The Consumer Financial Protection Bureau has finalized its rules for maximum civil penalty amounts and charges consumer reporting agencies may use when disclosing information on a consumer’s credit file.
The rules were published Jan. 31 in the Federal Register.
For civil penalty adjustments, “The CFPB’s final rule finalizes an interim final rule (IFR) it published in November 2016 to create 12 C.F.R. Part 1083 which sets forth the maximum amounts as adjusted annually for civil penalties within the Bureau’s jurisdiction,” writes Barbara Mishkin, of counsel at Ballard Spahr LLP, in a blog post.
The bureau’s FCRA disclosures update, “provides that where a consumer is not entitled to a free disclosure of information in his or her credit file, a consumer reporting agency (CRA) can impose a reasonable charge for disclosing such information up to the maximum amount allowed by the FCRA,” according to Mishkin.
Read more on the final rules in Ballard Spahr LLP’s Consumer Finance Monitor.
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