CFPB Updates FCRA-Required Forms
Investigative and security professionals conducting background and
employment checks that fall under the purview of the Fair Credit Reporting
Act should become familiar with updated forms and regulations formulated by
the Consumer Financial Protection Bureau as indicated below. It is suggested
that the reader click on the three links provided bellow pertaining to the
summary of consumer rights and notices of furnisher and user
responsibilities. ISPLA recently met with a Deputy Assistant Director with
the Consumer Financial Protection Bureau regarding our position in
representing the interests of private investigators and ensuring that any
proposed regulations involving information brokers are not directed toward
ISPLA Director of Government Affairs
Resource to Investigative and Security Professionals, to the Government, and
to the Media
Forms must be updated by Jan. 1, 2013.
The Consumer Financial Protection Bureau (CFPB) updated three forms that are
required by the Fair Credit Reporting Act (FCRA). As a result of the passage
of the Dodd-Frank Act, the CFPB now has rulemaking authority under the FCRA.
To reflect this change, the CFPB is updating forms to substitute the CFPB
for the Federal Trade Commission (FTC) as the point of contact for questions
concerning consumers' rights under the FCRA. Employers and consumer
reporting agencies (CRAs) must begin using the updated forms by Jan. 1,
2013. The notices that have been updated are listed below.
f-Rights.pdf> Summary of Consumer Rights
Employers who use consumer reports to make employment decisions-such as
whether to hire, reassign or terminate current or prospective employees-are
required to issue individuals a Summary of Consumer Rights before taking any
adverse employment action.
-Furnishers.pdf> Notice of Furnisher Responsibilities
CRAs are required to provide a Notice of Furnisher Responsibilities to data
furnishers. The notice details FCRA obligations imposed upon those who
furnish data to a CRA.
-Users.pdf> Notice of User Responsibilities
CRAs must provide a Notice of User Responsibilities to users of consumer
reports. The notice specifies users' obligations under the FCRA.
You will note that the duties of employers, furnishers, and users under the
FCRA have not significantly changed since the CFPB assumed primary
enforcement and rulemaking authority. However, ISPLA will continue to
monitor CFPB rulemaking for any potential changes that may affect members of
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