The Consumer Financial Protection Bureau (CFPB) updated its Final Rule on the Fair Credit Reporting Act (FCRA) Summary of Consumer Rights and it includes various changes and corrections that are largely non-substantive (contact information corrections; deleting the term “Federal Land Banks”). Employers and consumer reporting agencies are required to provide the Summary to employees and applicants per the FCRA. Employers must do so with every pre-adverse action notice issued.
The new Rule goes into effect on April 19, 2023, with a compliance deadline of March 20, 2024. The English and Spanish versions of the Summary are available on the CFPB’s website. Notably, the new version contains some clerical errors, so there is likely to be an updated version of the update.