Q: The CARES Act requires that furnishers must report as current certain accounts for consumers affected by the pandemic. What did the Bureau’s Statement say about enforcement of this requirement?
A: As noted above, the Statement informed furnishers of their responsibilities under the CARES Act amendments to the FCRA and stated that the Bureau expects furnishers to comply with the CARES Act. The Bureau is enforcing the FCRA, as amended by the CARES Act, and its implementing regulation, Regulation V.
The Bureau is committed to protecting consumers, particularly during this pandemic. Since the Bureau’s inception, it has dedicated significant resources toward enforcing the FCRA and Regulation V, through robust supervisory and enforcement actions at both consumer reporting agencies and furnishers. This work has continued as the Bureau evaluates specific risks to consumers as a result of the COVID-19 pandemic. The Bureau has focused on credit reporting accuracy and dispute handling – both obligations of consumer reporting agencies and furnishers.
The Bureau remains committed to vigorously enforcing all consumer financial protection laws under its jurisdiction, including the FCRA. As noted in the Bureau’s Statement, the Bureau will consider the circumstances that entities face as a result of the COVID-19 pandemic and entities’ good faith efforts to comply with statutory and regulatory obligations as soon as possible. The Bureau will, however, not hesitate to take public enforcement action when appropriate against companies or individuals that violate the FCRA or any other law under its jurisdiction.