The Fall 2022 Unified Agenda of Regulatory and Deregulatory Actions for the Consumer Financial Protection Bureau (CFPB) which includes the CFPB’s regulatory agenda for 2023 reveals that the Bureau “is considering whether to amend Regulation V” that implements the federal Fair Credit Reporting Act (FCRA) that regulates background checks in the United States. The View Rule Page for FCRA Rulemaking on the CFPB’s regulatory agenda for 2023 includes the following statement:
“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, data furnishers, and users of consumer reports, and furnishers of information to consumer reporting agencies. The Bureau is considering whether to amend Regulation V.”
Regulation V generally applies to consumer reporting agencies, persons that obtain and use information about consumers to determine the consumer’s eligibility for products, services, or employment, persons that share such information among affiliates, and furnishers of information to consumer reporting agencies. The regulation covers the duties of furnishers of information, duties of users of consumer reports, duties of consumer reporting agencies, and file disclosures to consumers.
ClearStar is a consumer reporting agency and a leading provider of Human Capital Integrity℠ technology specializing in background checks, drug testing, and occupational health screening. A founding member of the Professional Background Screening Association (PBSA), ClearStar offers employers a variety of background check solutions that comply with the requirements of the FCRA, which is enforced by the CFPB. To learn more about background checks, contact ClearStar.
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