CARES Act Amends Fair Credit Reporting Act Reporting

Recent amendments to the Fair Credit Reporting Act (FCRA) require financial institutions to comply with obligations for consumer reporting and disclosures, as set forth in the CARES Act and Regulation V. These amendments are also meant to bring the FCRA in line with the primary consumer protection provisions of the Dodd-Frank Wall Street  Reform and Consumer Protection Act. Learn about compliance requirements and disclosure obligations.

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Related Content        

• Fair Credit Reporting Act
  Access this practice note to gain a comprehensive view of the FCRA, which establishes rights and responsibilities for users and furnishers of consumer credit information and regulates the collection and reporting of a consumer's personal information for credit, employment, insurance, and other purposes.

• Consumer Reports and Credit History Checks under the Fair Credit Reporting Act (FCRA)
  Read this practice note for useful information to aid counsel and employers in advising on and complying with the Fair Credit Reporting Act (FCRA) requirements for employee disclosure.  The practice note includes authorization requirements, requirements for conducting employee credit checks and onboarding protocols.

• Model Fair Credit Reporting Act Disclosure Checklist
  Use this checklist to advise employers and others, who conduct background checks on prospective employees or applicants using third-party consumer reporting agencies, (consumer reports) on FCRA rules, regulations, and compliance requirements.

Practical Guidance Updates

Featuring the latest updates from your Practical Guidance account.

• Fair Credit Reporting Act (FCRA) and State Mini-FCRAs: Step-by-Step Guidance for Compliance; Fair Credit Reporting Act (FCRA) Pre-adverse Action Disclosure Notice; Fair Credit Reporting Act (FCRA) Final Adverse Action Disclosure Notice; and Fair Credit Reporting Act (FCRA) Disclosure regarding the Procurement of Consumer and Investigative Consumer Reports are just some of the valuable templates and tools that financial institutions may use to remain compliant with consumer credit reporting amendments under the FCRA.
• CFPB Examination and Investigation Resource Kit and In-House Banking and Financial Services Resource Kit contain a variety of resources covering key examination and investigation priorities of the Consumer Financial Protection Board (CFPB) and issues, laws, and regulations applicable to in-house lawyers and counsel advising users and furnishers of consumer credit report information.
• The Practical Guidance Journal Fall Edition features guidance as financial institutions gear up for climate-related risk implications under Executive Order 14030.
• Check out the new Practical Guidance Author Center! Learn about the 1500+ leading attorney authors contributing to our 20 practice areas, and find out how you can Become a Practical Guidance Author.
• Document alerts are now available in Practical Guidance. This allows you to stay current on legal developments that affect your practice. Find out how to set up your document alerts.

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