The United States federal government’s 2023 Spring Regulatory Agenda of Regulatory and Deregulatory Actions released by the White House in June 2023 revealed that the Consumer Financial Protection Bureau (CFPB) is considering whether or not Regulation V implementing the Fair Credit Reporting Act (FCRA) requires any amendments. Agenda Rule 3170-AA54 stated:
- Congress enacted the Fair Credit Reporting Act (FCRA) to ensure fair and accurate credit reporting, promote efficiency in the banking system, and protect consumer privacy. The law and its implementing regulations (Regulation V) impose legal duties on consumer reporting agencies, users of consumer reports, and furnishers of information to consumer reporting agencies. The CFPB is considering whether to amend Regulation V.
Initial pre-rule activity on the rule is scheduled to begin in November 2023, according to the Agenda. The CFPB was created by the “Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010” to take action against institutions violating consumer financial laws that include the FCRA which regulates background checks for employment purposes in America.
ClearStar is a leading global Human Resources technology company specializing in background checks, drug testing, and occupational health screening. ClearStar offers employers various compliance services that include an understanding of the FCRA and other laws regulating workforce screening in the United States. To learn more about ClearStar, contact us.
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Thomas Ahearn - Digital Content Editor
Thomas Ahearn is a Digital Content Editor at ClearStar, a leading Human Resources (HR) technology company specializing in background checks, drug testing, and occupational health screening. He writes about a variety of topics in the background screening industry including Artificial Intelligence (AI), "Ban the Box," class action lawsuits, credit reports, criminal records, drug testing, Equal Employment Opportunity Commission (EEOC), Fair Credit Reporting Act (FCRA), Form I-9, identity theft, privacy, social media screening, and workplace violence.
At ClearStar, we are committed to your success. An important part of your employment screening program involves compliance with various laws and regulations, which is why we are providing information regarding screening requirements in certain countries, region, etc. While we are happy to provide you with this information, it is your responsibility to comply with applicable laws and to understand how such information pertains to your employment screening program. The foregoing information is not offered as legal advice but is instead offered for informational purposes. ClearStar is not a law firm and does not offer legal advice and this communication does not form an attorney client relationship. The foregoing information is therefore not intended as a substitute for the legal advice of a lawyer knowledgeable of the user’s individual circumstances or to provide legal advice. ClearStar makes no assurances regarding the accuracy, completeness, or utility of the information contained in this publication. Legislative, regulatory and case law developments regularly impact on general research and this area is evolving rapidly. ClearStar expressly disclaim any warranties or responsibility or damages associated with or arising out of the information provided herein.
