The Consumer Financial Protection Bureau (CFPB) has extended the deadline for feedback related to rulemaking under the Fair Credit Reporting Act (FCRA). Originally, the outline of the impending rulemaking was released on September 21 for initial comments by a panel of small business representatives. This procedural move was facilitated under the Small Business Regulatory Enforcement Fairness Act (SBREFA).
In a bid to allow more time for feedback, the CFPB has decided to prolong the deadline by one week. The rulemaking process involves refining and finalizing regulatory norms that impact how credit information is gathered, shared, and used in the U.S., thereby ensuring it is crucial for all stakeholder input to be thoroughly considered.
As a function of Dodd-Frank Wall Street Reform and Consumer Protection Act, the CFPB is tasked with administering and supervising compliance with the FCRA among banks, credit unions, and other financial companies. Hence, this rulemaking outreach and subsequent feedback take on an added importance.
Legal professionals, particularly those working with regulatory issues in financial institutions, need to pay close attention to these forthcoming regulations, as they will inevitably shape the future legal landscape for credit reporting and consumer protection in the United States.
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