Topics and Issues

Credit Header (15) FCRA Rulemaking (13)

In April 2024, a bipartisan group of members of congress wrote a letter to CFPB director, Richard Chopra, urging the CFPB to “to ensure your effort supports the ability of financial institutions to protect consumers from identity fraud and fulfill other identity-related federal regulatory obligations” in FCRA rulemaking. The members added that

strongly support the intent of the FCRA to provide a fair and transparent set of rights to consumers, and to set appropriate regulatory safeguards for the businesses that maintain information used to evaluate credit-worthiness. However, subjecting identity verification and fraud prevention data — such as credit header data and other data sources — and the technology that relies on this data to that same regulatory regime could create burdens that impede anti-fraud and identity verification efforts.

The letter was signed by U.S. Reps. Scott Fitzgerald (R-WI), French Hill (R-AR), Brittany Pettersen (D-CO), and Gregory Meeks (D-NY).