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Thursday, September 12, 2013

Are You In Compliance with Requirements for Companies Furnishing Information to Credit Bureaus?

By ABIA Outside Counsel Chrys Lemon and Adam Maarec, McIntyre & Lemon, PLLC

The Consumer Financial Protection Bureau (CFPB) recently issued a bulletin reminding companies that furnish information to credit bureaus of their responsibility to investigate consumer disputes under the Fair Credit Reporting Act (FCRA). Banks and non-bank lenders that are subject to direct enforcement or supervision by the CFPB should follow the new guidance. And although insurance companies may not be subject to direct supervisory or enforcement actions from the CFPB, the agency’s guidance is instructive for insurers.

Click here for a members-only review of the specific compliance management practices identified in the CFPB’s new guidance, which is available to ABIA bank members. If you are having trouble logging on or you are with a member that in not a bank, please contact us and we will email you a copy.

ABIA members may access a wealth of compliance information - including our flagship Compliance Handbook on our compliance page. If you need help logging on please contact us and we will be happy to assist you.