Small Business Review Panel for Consumer Reporting Rulemaking
This Panel addresses the CFPB’s consumer reporting rulemaking. The CFPB is considering a rulemaking to address a number of consumer reporting topics under the Fair Credit Reporting Act (FCRA). The consumer credit reporting industry has consistently been a major source of consumer complaints, and, since the FCRA’s enactment in 1970, advances in technology have led, particularly in recent years, to a rapid evolution of the consumer reporting marketplace, including the emergence of companies using business models that rely on newer technologies and novel methods to collect and sell consumer data. The CFPB is considering proposals to regulate many activities of such data brokers as covered under the FCRA. The CFPB is also considering proposals to address the problem of unreliable or unnecessary medical collection tradelines appearing on consumer reports and to address other issues that have arisen in the years since the FCRA’s enactment, or that are areas of particular risk for consumer harm.
Under the process established by Congress in the Small Business Regulatory Enforcement Fairness Act of 1996 (SBREFA), the CFPB is required to consult with representatives of small entities likely to be affected directly by the regulations the CFPB is considering proposing and to obtain feedback on the likely impacts the rules the CFPB is considering would have on small entities.