A Consumer Financial Protection Bureau proposal to overhaul how it regulates consumer credit reporting should first be put forward as an advanced notice of proposed rulemaking or else it risks “a rushed, inadequate rulemaking process raises the stakes for dramatic changes to the foundation of the American economy,” the American Bankers Association, the U.S. Chamber of Commerce and 10 financial industry associations said today.
The CFPB in September announced that it was considering potentially sweeping changes to Fair Credit Reporting Act rules in Regulation V to guard against potential abuse by data brokers in the consumer credit reporting industry and “to address other issues that have arisen in the years since the FCRA’s enactment.” In a joint letter to CFPB Director Rohit Chopra, the associations said that an ANPR would give affected parties more time to review the proposed changes and comment on them.
“The FCRA rulemaking process requires care, thought and deliberation,” the associations said. “The CFPB should consider input from a broad array of stakeholders, many of whose voices have not yet been heard. An ANPR process could increase the bureau’s understanding of the impacts its rule would have on consumers, the American economy and the businesses, nonprofits and government agencies that use information to serve to consumers drive the American economy.”