The new rule requires employers and consumer reporting agencies (CRAs) to update federal agency contact information on the final page of the Summary of Consumer Rights. This includes the contact information for the CFPB, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and the National Credit Union Administration (NCUA), among others. Additional non-substantive technical corrections are also required. The rule is effective April 19, 2023; however the date requirement for compliance with this rule is March 20, 2024.
Consumer reporting agencies (CRAs) such as Business Information Group provide the Summary of Consumer Rights in the course of business in the following scenarios:
- when collecting written disclosures from the consumer prior to procuring an investigative consumer report;
- when providing a consumer report for employment purposes; and
- when providing a pre-adverse action notice for employment purposes.
Be advised that Business Information Group will update all electronic consumer rights forms in our systems well before the March 20, 2024 deadline.
The CFPB has provided an updated model form in English and Spanish.
In addition, Littler Mendelson suggests that employers and CRAs may want to defer implementing these form changes pending a possible additional update for the CFPB to correct a remaining typo.
If you have any questions or concerns, please contact your BIG Sales Executive or Account Manager.
Source: Bureau of Consumer Financial Protection Final Rule
Posted: March 21, 2023