CFPB Announces Ceiling on Allowable Charges Under FCRA will Increase in 2022

Written By ESR News Blog Editor Thomas Ahearn

In November of 2021, the Consumer Financial Protection Bureau (CFPB) announced in a rule published in the Federal Register that the ceiling on allowable charges under the federal Fair Credit Reporting Act (FCRA) will increase from $13.00 to $13.50 on January 1, 2022, according to the announcement from the CFPB.

Under Section 612(f)(1)(A) of the FCRA, a consumer reporting agency (CRA) is permitted to charge a consumer a reasonable amount for making a disclosure to the consumer pursuant to section 609 of the FCRA. The charge shall not exceed $8.00 and shall be indicated to the consumer before making the disclosure.

Under Section 612(f)(2) of the FCRA, the CFPB shall increase the $8.00 maximum amount on January 1 of each year, based proportionally on changes in the Consumer Price Index (CPI), with fractional changes rounded to the nearest fifty cents. The calculations are based on the CPI-U, which covers all urban consumers and all items.

Between September 1997 and September 2021, the CPI-U increased by 70.168 percent from an index value of 161.2 in September 1997 to a value of 274.31 in September 2021. An increase of 70.168 percent in the $8.00 base figure led to a figure of $13.61, which was rounded to the nearest $0.50, making the maximum charge $13.50.

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