Written By Digital Content Editor Thomas Ahearn

The Office of Information and Regulatory Affairs (OIRA) in the Office of Management and Budget (OMB) has released the Fall 2022 Unified Agenda of Regulatory and Deregulatory Actions for administrative agencies such as the Consumer Financial Protection Bureau (CFPB) that includes the CFPB’s 2023 regulatory agenda which reveals the CFPB is considering amending Regulation V that implements the Fair Credit Reporting Act (FCRA).

“Congress enacted the FCRA to ensure fair and accurate credit reporting, promote efficiency in the banking system, and protect consumer privacy. The law and its implementing regulations (Regulation V) impose legal duties on consumer reporting agencies, data furnishers, and users of consumer reports, and furnishers of information to consumer reporting agencies. The Bureau is considering whether to amend Regulation V.”

The View Rule Page for FCRA Rulemaking on the CFPB’s agenda states any potential changes to Regulation V are currently “undetermined.” Regulation V generally applies to: consumer reporting agencies (CRAs); persons that obtain and use information about consumers to determine the consumer’s eligibility for products, services, or employment; persons that share such information among affiliates, and; furnishers of information to CRAs.

The FCRA regulates background checks for employment in the United States and is enforced by the CFPB. Employment Screening Resources (ESR) is a service offering of ClearStar, a leading Human Resource technology company specializing in background checks, drug testing, and occupational health screening. ClearStar offers background check solutions for employers that comply with the FCRA. To learn more, contact ClearStar.

NOTE: Employment Screening Resources (ESR) – a service offering of ClearStar – does not provide or offer legal services or legal advice of any kind or nature. Any information on this website is for educational purposes only.

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