The Virtual CDIA Law & Industry Conference is less than 2 weeks away! Register today to secure your seat to an exceptional lineup of speakers and agenda topics, including this new session, “Year in Review: Reporting Accommodations under the CARES Act.”
In March 2020, when the U.S. was under a federal state of emergency and states issued stay at home orders, furnishers were quick to put payment accommodation programs in place to help consumers through the COVD-19 hardship. Congress also passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act to help consumers. The CARES Act included a key amendment to the Fair Credit Reporting Act (FCRA) that required furnishers to follow special credit reporting rules for consumers placed into a COVID accommodation program. As the country re-opens and certain relief programs have ended or are coming to an end, furnishers must continue to observe CARES Act requirements related to credit reporting, and be ready to address the complexities caused by the ongoing state of emergency.
Join speakers Lisa DeLessio, Partner, Hudson Cook, LLP, Pat Dubie, Training Consultant, Consumer Data Industry Association, and Jared Weeks, Advisor, Data Governance/Metro 2® Task Force Chairperson, TransUnion as they discuss the requirements around reporting during and after COVID-19 accommodation programs, issues facing furnishers who offered accommodations, and re-cap of the Post Accommodation Metro 2® guidance, and the future of Metro 2® reporting related to emergencies and disasters.
Discussion Topics Included:
· Recap of 2021 and the Current State
· CARES Act Relief
· How to think about Regulatory Guidance
· Options and practices adopted by Furnishers and the impact as consumers exit accommodation programs
· Mortgage-specific and contrast to other credit products
· Future of Metro 2® Reporting for Temporary Relief Payment Plans
· Guidance surrounding relief reporting continues to be priority.
· Metro 2® reporting for unique scenarios when payments are suspended, delayed, or reduced
· The future of Special Comment Code AW (Natural or Declared Disaster)