5992 Federal Register / Vol. 81, No. 23 / Thursday, February 4, 2016 / Notices 

1 12 CFR 1022.41(c). 

2See 74 FR 31484 (July 1, 2009). Although 

promulgated in July 2009, the rule provided 

furnishers one year’s notice of this obligation before 

the rule became effective on July 1, 2010. 

3 15 U.S.C. 1681s–2(e); 12 CFR 1022.42(a). 

4 12 CFR 1022.42(a). 

5 12 CFR 1022.42(b). The guidelines are codified 

in Appendix E to Regulation V, 12 CFR part 1022. 

6 12 CFR 1022.42(c). 7See 12 CFR part 1022, Appendix E, § I(a). 

BUREAU OF CONSUMER FINANCIAL 

PROTECTION 

Compliance Bulletin—The FCRA’s 

Requirement That Furnishers Establish 

and Implement Reasonable Written 

Policies and Procedures Regarding the 

Accuracy and Integrity of Information 

Furnished to All Consumer Reporting 

Agencies 

AGENCY: Bureau of Consumer Financial 

Protection. 

ACTION: Compliance bulletin. 

SUMMARY: This document highlights 

existing obligations under the Fair 

Credit Reporting Act (FCRA) for 

furnishers of consumer information to 

consumer reporting agencies (CRAs) to 

establish and implement reasonable 

written policies and procedures 

regarding the accuracy and integrity of 

information furnished to all CRAs. In 

recent reviews of the furnishing 

practices of financial institutions, the 

Consumer Financial Protection Bureau 

(CFPB or Bureau) found that some 

financial institutions are not compliant 

with their obligations with regard to 

furnishing to specialty CRAs, including 

the furnishing of deposit account 

information. An institution’s relevant 

policies and procedures must 

encompass the institution’s furnishing 

to all types of CRAs. 

The CFPB will continue to monitor 

furnishers’ compliance with these 

obligations to ensure they meet their 

accuracy and integrity obligations for 

any information that they furnish. 

DATES: The Bureau released this 

Compliance Bulletin on its Web site on 

February 3, 2016. 

FOR FURTHER INFORMATION CONTACT: 

Anthony Rodriguez, Attorney, 202–435– 

9726; or Laurie Sellick, Attorney, 202– 

435–7262, Office of Supervision Policy. 

SUPPLEMENTARY INFORMATION: 

I. Compliance Bulletin 

The CFPB issues this bulletin to 

emphasize the obligation of furnishers 1

under Regulation V to establish and 

implement reasonable written policies 

and procedures regarding the accuracy 

and integrity of information relating to 

consumers that they furnish to CRAs. 

This obligation, which has been 

required under Regulation V since July 

2010,2 applies to furnishing to all CRAs, 

including furnishing to specialty CRAs, 

such as the furnishing of deposit 

account information to CRAs. 

Furnishers must have policies and 

procedures that meet this requirement 

with respect to all CRAs to which they 

furnish. 

The supervisory experience of the 

Bureau suggests that some financial 

institutions are not compliant with their 

obligations under Regulation V with 

regard to furnishing to specialty CRAs. 

Furnishers’ establishment and 

implementation of reasonable policies 

and procedures regarding the accuracy 

and integrity of information are 

essential components of a fair and 

accurate credit reporting system. Such 

policies and procedures protect against 

the furnishing of inaccurate information 

that could potentially cause adverse 

consequences for consumers when 

included in a credit report, such as 

being denied a loan at a more favorable 

interest rate or being unable to open a 

transaction account. 

While furnisher obligations under 

Regulation V are the focus of this 

bulletin, the CFPB recognizes that both 

furnishers and CRAs have independent 

obligations under the FCRA related to 

the accuracy of information and to the 

investigation of consumer disputes. The 

CFPB expects both furnishers and CRAs 

to comply with their respective duties. 

Furnishers must establish and 

implement reasonable written policies 

and procedures regarding the accuracy 

and integrity of information relating to 

consumers that they furnish to CRAs.3

These policies and procedures must be 

appropriate to the nature, size, 

complexity, and scope of each 

furnisher’s activities.4 When creating 

these policies and procedures, 

furnishers must consider the factors 

listed in the ‘‘Interagency Guidelines 

Concerning the Accuracy and Integrity 

of Information Furnished to Consumer 

Reporting Agencies’’ and incorporate 

those guidelines that are appropriate.5

Additionally, each furnisher must 

periodically review and update its 

policies and procedures to ensure their 

continued effectiveness.6

These policies and procedures must 

encompass the institution’s furnishing 

to all types of CRAs. For example, if an 

institution furnishes both credit 

information to nationwide CRAs and 

deposit account information to 

nationwide specialty CRAs, that 

institution must consider the 

appropriate approach to each type of 

furnishing in its policies and procedures 

in order to comply with Regulation V.7

The type, frequency, and nature of the 

information furnished to CRAs can vary 

significantly. There also may be 

significant differences in the reporting 

formats and codes used to furnish to 

these agencies. An institution’s 

obligation to have ‘‘reasonable written 

policies and procedures’’ applies to all 

types of information relating to 

consumers furnished to each of the 

CRAs to which it furnishes. 

The CFPB will continue to monitor 

furnishers’ compliance with the 

Regulation V requirement to establish 

and implement reasonable written 

policies and procedures regarding the 

accuracy and integrity of all furnished 

information. Furnishers must ensure 

that they have such policies and 

procedures in place with respect to all 

information furnished. If the CFPB 

determines that a furnisher has engaged 

in any acts or practices that violate 

Regulation V or other federal consumer 

financial laws and regulations, it will 

take appropriate supervisory and 

enforcement actions to address 

violations and seek all appropriate 

remedial measures, including redress to 

consumers. 

II. Regulatory Requirements 

This Compliance Bulletin summarizes 

existing requirements under the law and 

findings made in the course of 

exercising the Bureau’s supervisory and 

enforcement authority, and is a nonbinding general statement of policy 

articulating considerations relevant to 

the Bureau’s exercise of its supervisory 

and enforcement authority. It is 

therefore exempt from notice and 

comment rulemaking requirements 

under the Administrative Procedure Act 

pursuant to 5 U.S.C. 553(b). Because no 

notice of proposed rulemaking is 

required, the Regulatory Flexibility Act 

does not require an initial or final 

regulatory flexibility analysis. 5 U.S.C. 

603(a), 604(a). The Bureau has 

determined that this Compliance 

Bulletin does not impose any new or 

revise any existing recordkeeping, 

reporting, or disclosure requirements on 

covered entities or members of the 

public that would be collections of 

information requiring OMB approval 

under the Paperwork Reduction Act, 44 

U.S.C. 3501, et seq. 

Dated: January 27, 2016. 

Richard Cordray, 

Director, Bureau of Consumer Financial 

Protection. 

[FR Doc. 2016–01987 Filed 2–3–16; 8:45 am] 

BILLING CODE 4810–25–P 


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