CFPB Cons Rpt FAQ - 4 The CARES Act addresses accommodations to consumers impacted by COVID-19. What is an accommodation for purposes of the CARES Act amendments to the FCRA?

Compliance > CARES Act
Q:   The CARES Act addresses accommodations to consumers impacted by COVID-19. What is an accommodation for purposes of the CARES Act amendments to the FCRA?
 
A:  An “accommodation” includes any payment assistance or relief granted to a consumer who is affected by the COVID-19 pandemic during the period from January 31, 2020, until 120 days after the termination of the COVID-19 national emergency declared by the President on March 13, 2020 under the National Emergencies Act. Such an accommodation includes, for example, agreements to defer one or more payments, make a partial payment, forbear any delinquent amounts, or modify a loan or contract.  An accommodation includes assistance or relief that is granted voluntarily or pursuant to a statutory or regulatory requirement.
 
 
This Q&A was contained in the CFPB’s Compliance Aid, “Consumer Reporting FAQs Related to the CARES Act and COVID-19 Pandemic” updated June 16, 2020.  The Compliance Aid may be found here:  https://files.consumerfinance.gov/f/documents/cfpb_fcra_consumer-reporting-faqs-covid-19_2020-06.pdf
 

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