A coalition of 23 attorneys general, including Pennsylvania Attorney General John Shapiro, recently demanded the Consumer Financial Protection Bureau (CFPB) enforce the CARES Act and require credit reporting agencies to follow the Fair Credit Reporting Act (FCRA) during the COVID-19 crisis.
The CARES Act amends the FCRA to require lenders to report as current any loans that are affected by a COVID-19-related accommodation.
The CFPB recently announced it would not enforce the law by taking action against consumer reporting agencies that violate the FCRA’s 30-day deadline to investigate consumer disputes.
In a letter to the bureau, the attorneys general said the CFPB’s decision will put consumers at risk, and that will result in discouraging consumers from taking advantage of the accommodations that lenders are required to offer under the CARES Act.
“Consumer reporting agencies must be vigilant about accurately reporting consumer credit, which can only be done by following the requirements established by the FCRA as amended by the CARES Act,” Shapiro’s office said.
The additional letter signees include attorneys general from California, Colorado, Washington D.C., Hawaii, Iowa, Illinois, Massachusetts, Maine, Michigan, Minnesota, Nevada, New Jersey, New Mexico, New York, North Carolina, Oregon, Puerto Rico, Rhode Island, Vermont, Virginia, Washington, and Wisconsin.