CFPB planning credit reporting rulemaking this year: Chopra

The Consumer Financial Protection Bureau is planning to propose rules this year to ensure data brokers comply with the Fair Credit Reporting Act, CFPB Director Rohit Chopra said.

Chopra Remarks: Speaking in Washington, Chopra said the proposal under consideration would define data brokers that sell certain types of consumer data as consumer reporting agencies. Under such a proposal, company sales of data on a consumer’s payment history, income, or criminal records would generally be treated as a consumer report, triggering requirements for ensuring accuracy, handling disputes, and prohibiting misuse.

CFPB Report: The CFPB in January issued a report on its rulemaking under the Small Business Regulatory Enforcement Fairness Act. The report included input from ICBA’s panel representative Jeff Jacobson, compliance officer at New Market Bank in Elko New Market, Minn., who warned that 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 previously 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 separately issued a comment letter raising concerns about the compliance impact of expanding the entities covered as consumer reporting agencies.