The Consumer Financial Protection Bureau (CFPB) is planning to propose a new rule aimed at helping victims of coerced debt, which often occurs in abusive relationships. This advance notice is seeking public input on changing the definitions of "identity theft" and "identity theft report" under Regulation V of the Fair Credit Reporting Act to cover these situations. The CFPB highlights how economic abuse, including coerced debt, significantly harms victims, especially those in abusive relationships, and is asking for comments on various aspects of how best to offer protections. Comments are due by March 7, 2025, and can be submitted through email or the CFPB's website.
Simple Explanation
The CFPB wants to make new rules to help people who get stuck with debts they didn't agree to, like when someone they're close to tricks them into it. They're asking people to share their ideas by March 7, 2025, to make sure the rules are helpful and clear.