Published: December 2023

CFPB should disregard request to delay planned Fair Credit Reporting Act rulemaking

Sixty groups wrote to CFPB Director Chopra urging him to disregard a request by industry trade organizations to delay the agency’s planned Fair Credit Reporting Act (FCRA) rulemaking by issuing an Advanced Notice of Proposed Rulemaking—a unnecessary delay that would allow industry abuses to continue in the interim.

Consumer Action and allies wrote to Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra to urge him to reject a request by 15 industry trade organizations, including the Consumer Data Industry Association (CDIA), the American Bankers Association (ABA) and the US Chamber of Commerce (Chamber), to delay the agency’s planned Fair Credit Reporting Act (FCRA) rulemaking by issuing an Advanced Notice of Proposed Rulemaking (ANPR). The groups pointed out that the three major components of the rulemaking—a proposal to cover many data brokers under the FCRA; a proposal to ban the reporting of medical debt on credit reports; and a proposal to improve aspects of dispute handling under the FCRA—have already been the subject of extensive public input or fact gathering, and thus do not require an ANPR. Millions of consumers are impacted by the abuses that the proposed FCRA rule would address—the medical debt issue alone impairs the credit histories of over 10 million Americans—and the CFPB should move forward with the rulemaking as expeditiously as possible.

Lead Organization

National Consumer Law Center

More Information

Read the letter here.

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