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On April 1, 2020, the CFPB issued a Policy Statement that outlines the responsibility of credit reporting companies and furnishers during the COVID-19 pandemic.
In response to the pandemic, many lenders are being flexible when it comes to consumers’ making payments. The Bureau’s statement underscores that consumers benefit if lenders report accurate information about these arrangements to credit bureaus so that the credit reports of consumers are accurate. On April 7, several U.S. senators sent a letter to the CFPB that both criticized the Bureau’s Policy Statement and offered additional suggestions on credit reporting. The senators on the letter are U.S. Sens. Sherrod Brown (D-OH), the ranking member on Senate Banking; and Brian Schatz (D-HI), Chris Van Hollen (D-MD), Elizabeth Warren (D-MA), Jack Reed (D-RI). On April 13, 23 state attorneys general sent a letter to the CFPB criticizing its April 1 Policy Statement. In September 2020, an NCLC-led coalition of 21 consumer, faith, and advocacy groups sent a letter to the CFPB asking it to revoke its April 1, 2020 Policy Statement that outlines the responsibility of credit reporting companies and furnishers during the COVID-19 pandemic. On November 9, 2020, the CFPB responded to the September 2020 letter from the NCLC-led coalition.