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.
Simple Explanation
The government wants to change some rules about how people's information, like credit scores, is shared with companies. They've given everyone extra time, until April 2, 2025, to share their thoughts on these changes.