Alert September 05, 2012

The CFPB Issues Exam Procedures for the Consumer Reporting Market

The CFPB announced the release of Examination Procedures for larger participants of the consumer reporting market. The Examination Procedures set forth the procedures by which the CFPB will examine larger participants including their use and provision of accurate information, handling of consumer disputes, availability of disclosures to consumers, and prevention of fraud and identity theft. The CFPB finalized its rule defining larger participants for the consumer reporting market in July 2012 (see July 24, 2012 Alert).