FCRA Permissible Purpose not impacted by COVID-19

Answered by:

Question:

Has the CFPB or the other regulatory agencies taken any action as a result of the COVID-19 pandemic to temporarily suspend or alleviate the FCRA regulatory burden that would affect how financial institutions obtain consumer reports from consumer reporting agencies?

Answer:

No. The Bureau issues a statement addressing consumer reporting under the CARES Act (the Coronavirus Aid, Relief, and Economic Security Act), but it did not change or ease the restrictions on obtaining consumer reports.

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Learn more about Nancy Derr-Castiglione’s webinar Understanding Fair Credit Reporting Act’s Permissible Purpose