On February 3, 2016, the Consumer Financial Protection Bureau (CFPB) issued a Compliance Bulletin highlighting bank and credit union obligations under the Fair Credit Reporting Act (FCRA) (published in the Federal Register on February 4, 2016 at 81 Fed. Reg. 5992) with respect to the accuracy of the information that they report about consumer use of checking accounts. CFPB Director Richard Cordray announced the issuance of the bulleting in remarks made on February 3, 2016 at the CFPB’s Field Hearing on Checking Account Access. In his remarks, Director Cordray indicated that the bulletin “warn[s] banks and credit unions that they must meet their legal obligation to have appropriate systems in place with respect to accuracy when they report information, such as negative account histories, to the consumer reporting companies. More effort and rigor are needed to make sure that the risks consumers actually pose to potential financial providers can be evaluated correctly.” 

Director Cordray’s full remarks can be found at: https://www.consumerfinance.gov/newsroom/prepared-remarks-of-cfpb-director-richard-cordray-at-a-field-hearing-on-checking-account-access/

The Federal Register Notice containing the Compliance Bulletin can be found at: https://www.gpo.gov/fdsys/pkg/FR-2016-02-04/pdf/2016-01987.pdf