Exception Tracking Spreadsheet (TicklerTrax™)
Downloaded by more than 1,000 bankers. Free Excel spreadsheet to help you track missing and expiring documents for credit and loans, deposits, trusts, and more. Visualize your exception data in interactive charts and graphs. Provided by bank technology vendor, AccuSystems. Download TicklerTrax for free.
CFPB issues FAQs on credit reporting and CARES Act
The Consumer Financial Protection Bureau has released a Compliance Aid in the form of ten Consumer Reporting FAQs Related to the CARES Act and COVID-19 Pandemic.
In addition to summarizing the Bureau's April 1, 2020, statement on supervisory and enforcement practices regarding the FCRA and Regulation V in light of the CARES Act, the FAQs address the credit reporting requirements of the CARES Act, including considerations for furnishers when reporting consumers as current as required by the CARES Act.
The FAQs also clarify that reporting that a consumer is affected by a natural or declared disaster is not a substitute for complying with the CARES Act credit reporting requirements. In addition, the FAQs address the Bureau’s guidance that provides temporary and targeted flexibility in the event CRAs or the furnisher experiences challenges as a result of the pandemic in investigating consumer disputes.
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