Request to Withdraw from FCRA Proposed Expansion
As part of AFSA work to bring our requests to the new acting director of the CFPB, Secretary Bessent, we signed a joint trades letter urge Secretary Bessent to withdraw the proposed rule expanding the scope of the Fair Credit Reporting Act (FCRA) to cover data brokers and related activity. The letter highlights to statutory conflicts that the proposed rule would create, raising significant concerns with its legality.
The proposed rule would also undermine financial institutions’ ability to combat identity fraud and comply with existing regulatory requirements, including customer identification procedures. The rule’s lack of a clear exception for such beneficial use cases could create operational challenges for financial services companies and expose consumers and financial institutions to greater risk.
AFSA also called for the rule to be rescinded in our letter to Secretary Bessent yesterday.
February 5th, 2025
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