CFPB report on credit reporting rulemaking includes ICBA input

The Consumer Financial Protection Bureau released a report on its small-business review ahead of issuing new rules under the Fair Credit Reporting Act. The rules are designed to prevent the misuse and abuse of consumer information collected by credit reporting companies and other data brokers.

Details: The CFPB’s report—issued under the Small Business Regulatory Enforcement Fairness Act—included input from ICBA’s panel representative Jeff Jacobson, compliance officer at New Market Bank in Elko New Market, Minn. In the letter, Jacobson said terms in the CFPB’s regulatory outline are too broad and bring unanticipated entities within the scope of FCRA.

ICBA Advocacy: ICBA and other groups recently called on the CFPB to issue an advance notice of proposed rulemaking before releasing its pending proposed rule to solicit the widest range of input. ICBA previously raised concerns about the impact on compliance burden of expanding the entities covered as consumer reporting agencies in a July comment letter.