CFPB Issues Guidance on Consumer Reporting and the CARES Act

The guidance addresses companies’ responsibilities for credit reporting and furnishing information about consumers impacted by the COVID-19 pandemic.

6/16/2020 16:00

The Consumer Financial Protection Bureau has issued guidance on consumer reporting during the COVID-19 pandemic. The frequently asked questions (FAQs) address companies’ responsibilities under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and the Fair Credit Reporting Act when they furnish information to consumer reporting agencies about consumers impacted by the crisis, according to the CFPB.

Access the FAQs from the CFPB as well as additional resources in the CFPB’s blog post.

ACA International also provided a summary of the CARES Act and additional resources on its federal advocacy website.

For more information on how the ACA Licensing staff can assist with your licensing needs, please contact us at [email protected]  or call (952) 926-6547.