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The CFPB has released a policy statement outlining credit reporting company and furnisher responsibilities during the coronavirus pandemic. The statement offers guidance on a provision of the CARES Act that directs lenders to report a credit account as current if the consumer has sought payment relief related to difficulties caused by the national emergency, as well as on supervision and dispute handling.

Of note from the statement:

• On reporting: The bureau said it is supportive of efforts to provide consumers with payment relief, "and it does not intend to cite in examinations or take enforcement actions against those who furnish information to consumer reporting agencies that accurately reflects the payment relief measures they are employing."
• On disputes: While taking into consideration compliance with the Fair Credit Reporting Act, the bureau said it "will consider a consumer reporting agency's or furnisher's individual circumstances and does not intend to cite in an examination or bring an enforcement action" against those that are making "good faith efforts to investigate disputes as quickly as possible, even if dispute investigations take longer than the statutory timeframe."

The bureau reminded furnishers and consumer reporting agencies that there are statutory and regulatory provisions available "that eliminate the obligation to investigate disputes submitted by credit repair organizations and disputes they reasonably determine to be frivolous or irrelevant."

NAFCU continues to advocate for more guidance and relief to allow credit unions to better serve members during this crisis. Access coronavirus-related resources, including a table of regulator actions and summary of the CARES Act, on NAFCU's dedicated resource page.