FCRA – How to Use CFPB Consent Orders to Enhance Your Furnishing Program
Dec. 7, 2022 @ 1pm ET
Since the early days of the Agency, the Consumer Financial Protect Bureau has made credit reporting accuracy a focal point of its examinations and enforcement actions. Following one the largest monetary penalties handed out by the CFPB in a 2022 Consent Order, there are questions about how furnishers can anticipate the Agency’s expectations for a reasonable furnishing program. The Fair Credit Reporting Act and Regulation V provide some guidance, but with each Consent Orders, it seems that there are more obligations and expectations imposed on furnishers than evident from the law. One key take away from enforcement is the expectation that furnishers have audit programs in place to evaluate their own furnishing, to detect inaccuracies, and have a plan in place to address those inaccuracies.
Join Lisa DeLessio, Partner, Hudson Cook and Troy Kubes, Managing Director, FTI Consulting, for an in-depth look at the Consent Orders to help you understand the nature of the findings, the specific areas on which the CFPB focused, and suggestions for how furnishers can enhance their own audit program and furnishing policies and procedures to avoid investigations and enforcement.