Search Results for keywords:"Regulation V"

On December 13, 2024, the Consumer Financial Protection Bureau (CFPB) announced a proposed rule to amend Regulation V, which is tied to the Fair Credit Reporting Act (FCRA). This proposed rule seeks to clarify the definitions of "consumer report" and "consumer reporting agency" and lays out guidelines for when consumer reports can be given to agencies and businesses. Originally, the comment period was set to end on March 3, 2025, but it has been extended to April 2, 2025, to give people more time to provide feedback. Comments can be submitted through various channels, including an online portal, email, and mail.

The Consumer Financial Protection Bureau (CFPB) is extending the comment period for a proposal regarding changes to how identity theft and coerced debt are reported to credit bureaus. Initially set to end on March 7, 2025, the period will now close on April 7, 2025, to give people more time to provide their feedback. This proposal involves updating definitions within Regulation V, which backs up the Fair Credit Reporting Act, to better tackle issues of coerced debt. People are encouraged to submit their comments quickly, preferably online, to avoid mail delays.

The Consumer Financial Protection Bureau issued a correction to a previously published rule concerning the use of medical information by creditors and consumer reporting agencies. The correction changes the date mentioned in the DATES section from "March 17, 2024" to "March 17, 2025". This change was necessary to accurately reflect the intended implementation timeline. The correction was made on January 14, 2025.

The Consumer Financial Protection Bureau (CFPB) has finalized a rule that changes Regulation V of the Fair Credit Reporting Act (FCRA) to protect medical information in credit decisions. Previously, there was an exception allowing creditors to use medical debt information when deciding if someone qualifies for credit. With this new rule, creditors cannot use this information unless specific exceptions apply, and consumer reporting agencies are limited in what medical debt information they can share with creditors. This change aims to safeguard consumers' privacy and ensure medical information isn't wrongly used. The rule will become effective on March 17, 2024.

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.

The Consumer Financial Protection Bureau (CFPB) has proposed a rule to amend Regulation V, which implements the Fair Credit Reporting Act (FCRA). This proposal aims to better regulate data brokers by clearly defining when they are considered consumer reporting agencies under the law, especially concerning sensitive personal information that could affect credit eligibility. Key aspects include ensuring consumer reports are only used for permissible purposes and preventing misuse of aggregated or de-identified data. The rule also seeks public input on these changes to enhance privacy protections and address evolving market dynamics.