On February 28, the CFPB extended the public comment period for its proposed rule amending Regulation V, which implements the FCRA, from March 3 to April 2. As previously covered by InfoBytes, the proposed rule was released December 3, 2024, and would, among other things: (i) expand coverage to companies that assemble or evaluate consumer credit information for the purpose of furnishing reports to third parties; (ii) describe the conditions for furnishing a consumer report with the consumer’s written permission; and (iii) set forth conditions for furnishing consumer reports for permissible purposes based on “a reasonable belief about a person’s intended use.” The Bureau reasoned this extension would allow interested persons more time to consider and submit their comments.

Visit our resource center, CFPB Pause: Where From Here?, to stay on top of the latest and what it may mean for the federal and state regulatory and enforcement landscape.