The Consumer Financial Protection Bureau issued an interpretive rule affirming states’ abilities to issue their own fair credit reporting laws.
CFPB: States can issue fair credit reporting laws
June 29, 2022 / By ICBA
The Consumer Financial Protection Bureau issued an interpretive rule affirming states’ abilities to issue their own fair credit reporting laws.
The Consumer Financial Protection Bureau issued an interpretive rule affirming states’ abilities to issue their own fair credit reporting laws.
Rule Details: The CFPB said:
States have the flexibility to preserve fair and competitive credit reporting markets by enacting state-level laws that are stricter than the federal Fair Credit Reporting Act.
State laws are not preempted unless they conflict with the Fair Credit Reporting Act or fall within narrow preemption categories enumerated within the statute.
Background: The Fair Credit Reporting Act defines and establishes guidelines for credit reports and the process for consumers to dispute information in their credit files.
Impetus: The CFPB said it issued the interpretive rule after it was notified by the Office of the New Jersey Attorney General of pending litigation that included an allegation the FCRA preempted a New Jersey consumer protection statute.
Subscribe now
Sign up for the Independent Banker newsletter to receive twice-monthly emails about new issues and must-read content you might have missed.
Sponsored Content
Featured Webinars
Join ICBA Community
Interested in discussing this and other topics? Network with and learn from your peers with the app designed for community bankers.
Subscribe Today
Sign up for Independent Banker eNews to receive twice-monthly emails that alert you when a new issue drops and highlight must-read content you might have missed.
News Watch Today
Join the Conversation with ICBA Community
ICBA Community is an online platform led by community bankers to foster connections, collaborations, and discussions on industry news, best practices, and regulations, while promoting networking, mentorship, and member feedback to guide future initiatives.
Join the Community Example Text
