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CPFB Mandates Updated FCRA Forms By Jan 1, 2013

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  • Peter Psarouthakis
    CFPB Updates FCRA-Required Forms Investigative and security professionals conducting background and employment checks that fall under the purview of the Fair
    Message 1 of 1 , Nov 15, 2012
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      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
      our profession.

      Bruce Hulme
      ISPLA Director of Government Affairs
      <http://www.ispla.org/> www.ISPLA.org
      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.

      (1)
      <http://www.ballardspahr.com/media/~/media/Files/Alerts/2012-10-17-Summary-o
      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.

      (2)
      <http://www.ballardspahr.com/media/~/media/Files/Alerts/2012-10-17-Notice-to
      -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.

      (3)
      <http://www.ballardspahr.com/media/~/media/Files/Alerts/2012-10-17-Notice-to
      -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
      our profession.


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