Consumer Financial Protection Bureau Issues Interim Rule Requiring Employers To Update Fair Credit Reporting Act “Summary of Rights” Notice

The federal Consumer Financial Protection Bureau (CFPB or Bureau) has published an Interim Final Rule (IFR) that updates the “Summary of Rights” notice that an employer must provide before taking adverse action against an individual based on information obtained through a consumer report covered by Fair Credit Reporting Act (FCRA).

Under the IFR published by the CFPB in the Federal Register on September 18, 2018, employers are required to begin using the revised notice immediately, although the older form can be used as long as the employer provides an addendum along with the notice that contains the newly required provision.

The updated notice is mandated in conjunction with amendments to FCRA enacted by Congress earlier this year related to an individual’s ability to request a security freeze or security alert from consumer reporting agencies.

The Bureau’s Interim Final Rule is available here.

Members of the Center for Workplace Compliance (CWC) can read more here