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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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 "Ban the Box," class action lawsuits, credit reports, criminal records, drug testing, the Equal Employment Opportunity Commission (EEOC), the Fair Credit Reporting Act (FCRA), HR technology, 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.
