Removing Barriers Blog

CFPB Releases Policy Statement on Credit Reporting
Posted April 01, 2020 by CUNA Advocacy

The CFPB released a policy statement outlining the responsibilities of credit reporting agencies and furnishers under the CARES Act. The Act requires lenders to report to credit bureaus that consumers are current on their loans if consumers have sought relief from their lenders due to the COVID-19 pandemic.

The policy statement informs lenders they must comply with the CARES Act and encourages lenders to continue to voluntarily provide payment relief to consumers and to report accurate information to credit bureaus relating to this relief. 

In addition, acknowledging staffing and resources constraints on lenders and credit bureaus due to the pandemic, the Bureau’s statement also provides flexibility for lenders and credit bureaus in the time they take to investigate disputes. The Bureau stated that it does not intend to cite in an examination or bring an enforcement action against firms who exceed the deadlines to investigate such disputes as long as they make good faith efforts during the pandemic to do so as quickly as possible.

This statement is a non-binding statement of policy articulating considerations relevant to the Bureau’s exercise of its supervisory and enforcement authorities.