The Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155), now known as Public Law 115-174, contains several provisions related to the Fair Credit Reporting Act (FCRA). The compliance obligations contained in the new law directly impact credit reporting agencies.
However, as users of credit reports, credit unions will experience changes in the way certain information is reported and/or restricted by credit bureaus.
S. 2155 enhances consumer protections under the FCRA in the following ways:
More details will follow in the coming days, weeks and months as the financial services industry and regulators work through all of the various changes.