On September 21, 2023, the Consumer Financial Protection Bureau (CFPB) declared an investigation into rulemaking addressing multiple consumer reporting topics in line with the Fair Credit Reporting Act (FCRA). This crucial move by the bureau forms part of the procedure instituted by Congress under the Small Business Regulatory Enforcement Fairness Act of 1996 (SBREFA). In accordance with the SBREFA’s requirements, the CFPB is obligated to confer with representatives of small enterprises that are most likely going to be directly affected by these regulations. For this, the CFPB assembled a panel composed of Small Entity…
Such developments in the credit reporting process and the use of public data have the potential to change the dynamics of how legal professionals and business entities handle credit reporting. While as of now, the specifics remain under wraps, the investigation is sure to have rippling effects across several sectors, underscoring the need for legal professionals and businesses to stay abreast with the evolving regulations.
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