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ICBA and other groups called on the Consumer Financial Protection Bureau to issue an advance notice of proposed rulemaking before releasing its upcoming proposed rule on credit reporting.
Background: The CFPB is planning new rules under the Fair Credit Reporting Act to prevent the misuse and abuse of consumer information collected by credit reporting companies and other data brokers. The bureau in September issued an outline of proposals on the rulemaking as part of a Small Business Regulatory Enforcement Fairness Act review of the rulemaking process.
Joint Letter: ICBA and other groups requested an advance notice of proposed rulemaking ahead of a proposed rule to ensure the bureau continues soliciting industry feedback before issuing a proposal. The groups said:
The bureau should solicit the widest range of input before making such sweeping regulatory changes.
The SBREFA review lacked sufficient detail to enable participants to fully identify and respond to the rulemaking’s implications.
The bureau’s recent proposal to implement standards for sharing consumer financial data under Section 1033 of the Dodd-Frank Act could affect consumer reporting.
The CFPB typically issues an advance notice when considering changes to complex regulations with a substantial impact on the economy.
ICBA Advocacy: ICBA has raised concerns about the impact on compliance burden of expanding the entities covered as consumer reporting agencies. In a July comment letter, ICBA said:
The CFPB should hold data brokers and aggregators accountable under the FCRA by requiring disclosures to consumers about the information they collect and use.
However, because data brokers do not meet the definition of a consumer reporting agency, community banks do not qualify as furnishers.