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Consumer Financial Protection Bureau (CFPB) (185)
Topics and Issues

Accuracy (39)

Credit Header (15)

Data brokers (44)

Disputes (45)

FCRA Rulemaking (13)

Medical debt (38)

Permissible Purposes (5)

SBREFA (4)

On September 15, 2023, the CFPB began the FCRA rulemaking process under the Small Business Regulatory Enforcement Fairness Act (SBREFA). The Bureau issued three documents:

  • The Consumer Reporting Rule SBREFA Outline. This document provides an overview of the proposals the CFPB is considering for its consumer reporting rulemaking.  It also identifies alternatives the CFPB is considering as well as information about the costs and burdens the CFPB believes the rule may impose were it finalized.  The Outline includes questions concerning each proposal under consideration that highlight information the CFPB is particularly interested in as it considers the potential proposals.
  • The Discussion Guide FCRA SBREFA Outline. This document is a high-level summary of the Outline and provides page number references for where you can find discussions of particular proposals under consideration in the outline.
  • Fact Sheet for the Small Business Review Panel Process. This document answers frequently asked questions about the SBREFA process.

The consumer reporting outline is 24 pages with appendices for the FCRA and pertinent portions of Regulation V, 12 C.F.R. 1022.

The Bureau published the following:

The discussion guide has four main parts and many subparts. Of acute interest are the following areas found in Sec. III:

III. Proposals and Alternatives Under Consideration

A. Definitions of consumer report and consumer reporting agency

      1. Data brokers
      2. Defining “assembling or evaluating”
      3. “Credit header” data
      4. Targeted marketing and aggregated data

B. Permissible purposes

      1. Written instructions of the consumer
      2. Legitimate business need
      3. Data security and data breaches

C. Disputes

      1. Disputes involving legal matters
      2. Disputes involving systemic issues

D. Medical debt collection information

E. Implementation period

There is a list of SERs panelists that was shared with the panelists at the first pre-panel meeting on October 11, 2023.

What is SBREFA? The Small Business Regulatory Enforcement Fairness Act (SBREFA).1996 provided new avenues for small businesses to participate in the federal regulatory arena. SBREFA created Small Business Advocacy Review (SBAR) panels, which certain agencies must convene prior to proposing rules that would have a significant economic impact on a substantial number of small entities.

On September 29, 2023, a coalition of trade associations, including CDIA, sent a letter to the CFPB asking for a delay in the SBREFA process. On October 5, a second coalition letter went to the CFPB asking for a delay. Both letters included CDIA as a signatory.

Additional Resources (SERs meetings):

  • There is a list of SERs panelists that was shared with the panelists at the first pre-panel meeting on October 11, 2023.
  • There are slides from the meetings on Oct. 11 and 12 and slides from the meetings on Oct. 18 and 19.

Additional Resources:

Statute and Rules: