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Fair Credit Reporting Act (Reg V)

Act

Fair Credit Reporting Act (Reg V)

FCRA is intended to ensure consumer reports are accurate and used for permissible purposes. It creates consumer protections and rights and imposes responsibilities on banks as users of consumer reports and entities furnishing information to the consumer reporting agencies. It also imposes on banks responsibility to prevent identify theft.

Some FCRA provisions are implements under Regulation V. The CFPB has indicated that it plans to being rulemaking in November 2023.

Statutes

15 U.S.C. 1681

Rules & Regulations

Regulation V (12 C.F.R. 1022)

Staff Analysis

Proposal Prohibiting Inclusion of Adverse Information in Consumer Reports
April 21, 2022
CFPB’s 2022 Report of Credit and Consumer Reporting Complaints
January 13, 2022
Summary of Bills Amending the Fair Credit Reporting Act
February 13, 2020
Summary of Fall 2019 CFPB Supervisory Highlights: FCRA Furnisher Provisions
December 17, 2019

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FCRA Questions from the Hotline

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Agency Guidance

CFPB expects CRAs and furnishers to comply fully with FCRA requirements
September 4, 2013

Exam Procedures

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Policy Library
News

Policy Library

Comment Letter
Letter to CFPB on the Proposed Rule on the Removal of Medical Debt from Credit Reports
August 12, 2024
Amicus Brief
Ritz v. Equifax Information Services
May 2, 2024
Comment Letter
Joint Comments to CFPB on the FCRA Rulemaking Process
November 17, 2023
Comment Letter
ABA Letter to CFPB on Data Broker RFI
June 13, 2023

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News

Article
The 2024 compliance outlook
January 18, 2024

Proposed Rules

Related Training & Events

Fair Credit Reporting Act (FCRA)
Self-Paced Training
FCRA Adverse Action
Self-Paced Training
FCRA Duties of Furnishers
Self-Paced Training
FCRA Affiliate Information Sharing
Self-Paced Training

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ABA Resources

ABA Web Page
Existing Privacy Laws Already Regulate Information Sharing
December 31, 2021
Guide
ABAWorks on Fraud: Identity Theft Red Flag Regulation
April 29, 2013

In Depth

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Hallee Morgan

Vice President & Senior Counsel, Regulatory Compliance and Policy

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