Topics and Issues | Coronavirus Aid Relief and Economic Security Act (CARES Act) (4) COVID-19 (42) |
Resources:
- CARES Act, Pub. L. 116-136, section 4021 (134 Stat. 281, 489), codified at FCRA § 623(a)(1)(F)(i)(I), 15 U.S.C. 1681s2(a)(1)(F)(i)(I) (May 2020).
- Statement on Supervisory and Enforcement Practices Regarding the Fair Credit Reporting Act and Regulation V in Light of the CARES Act (April 1, 2020). Note that as of April 1, 2021, the Bureau rescinded the statement entitled, “Statement on Supervisory and Enforcement Practices Regarding the Fair Credit Reporting Act and Regulation V in Light of the CARES Act” (Statement), regarding the Bureau’s exercise of its supervisory and enforcement discretion in enforcing the Fair Credit Reporting Act (FCRA) and Regulation V.
- Consumer Reporting FAQs Related to the CARES Act and COVID-19 Pandemic, Version 1 (June 16, 2020).
- Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (Revised) (April 7, 2020).
- Consumer reporting and the CARES Act (June 16, 2020).
- Blog: Protecting your credit during the coronavirus pandemic (July 29, 2020)
- CFPB Rescinds Series Of Policy Statements To Ensure Industry Complies With Consumer Protection Laws (March 31, 2021)
- Consumer Reporting FAQs Related to the CARES Act and COVID-19 Pandemic, Version 2 (February 22, 2022)
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CARES Act, Pub. L. 116-136, section 4021 (134 Stat. 281, 489), codified at FCRA § 623(a)(1)(F)(i)(I), 15 U.S.C. 1681s2(a)(1)(F)(i)(I) (May 2020).
(a) Duty of furnishers of information to provide accurate information
(1) Prohibition
(F) Reporting information during COVID–19 pandemic
(i) Definitions. In this subsection:
(I) Accommodation
The term “accommodation” includes an agreement to defer 1 or more payments, make a partial payment, forbear any delinquent amounts, modify a loan or contract, or any other assistance or relief granted to a consumer who is affected by the coronavirus disease 2019 (COVID–19) pandemic during the covered period.
(II) Covered period. The term “covered period” means the period beginning on January 31, 2020 and ending on the later of—
(aa) 120 days after March 27, 2020; or
(bb) 120 days after the date on which the national emergency concerning the novel coronavirus disease (COVID–19) outbreak declared by the President on March 13, 2020 under the National Emergencies Act (50 U.S.C. 1601 et seq.) terminates.
(ii) Reporting. Except as provided in clause (iii), if a furnisher makes an accommodation with respect to 1 or more payments on a credit obligation or account of a consumer, and the consumer makes the payments or is not required to make 1 or more payments pursuant to the accommodation, the furnisher shall—
(I) report the credit obligation or account as current; or
(II) if the credit obligation or account was delinquent before the accommodation—
(aa) maintain the delinquent status during the period in which the accommodation is in effect; and
(bb) if the consumer brings the credit obligation or account current during the period described in item (aa), report the credit obligation or account as current.
(iii) Exception. Clause (ii) shall not apply with respect to a credit obligation or account of a consumer that has been charged-off.