CFPB issues policy statement on credit reporting responsibilities during COVID-19 pandemic

This story appeared in Bank Digest.

The Consumer Financial Protection Bureau has released a policy statement outlining 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, and the CFPB's statement underscores that consumers benefit if lenders report accurate information about these arrangements to credit bureaus.

The Bureau issued the policy statement in light of the enactment of the Coronavirus Aid, Relief, and Economic Security (CARES) Act (H.R. 748), which provides critical emergency assistance to consumers and businesses affected by COVID-19 and includes provisions addressing consumer reporting requirements.