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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.
Previous News
The Independent Community Bankers of America (ICBA) and other groups issued a joint white paper detailing why recent Consumer Financial Protection Bureau actions to expand its examination of banks for discrimination exceeds the bureau’s legal authority.
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Jun 28, 2022
ICBA and the nation’s community banks strongly support the Close the ILC Loophole Act (H.R. 5912) and thank Reps. Chuy Garcia (D-Ill.) and Lance Gooden (R-Texas) for introducing this important legislation.
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Jun 23, 2022
The House Financial Services Committee today is set to vote on ICBA-advocated legislation to close the industrial loan company loophole after pulling an ICBA-opposed bill to implement overdraft restrictions.
ImageJun 23, 2022
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