The Proposed CFPB Rule Amending Regulation V Would Greatly Expand the Businesses and Practices Regulated by the FCRA: But Will It Withstand Expected Challenges in the Wake of Loper Bright?

Litigation attorneys Brian Goodrich, Landon Mignardi and Zachary Sherman co-authored a Conference on Consumer Finance Law article discussing the Consumer Financial Protection Bureau's (CFPB) proposed amendments to Regulation V, which implements the Fair Credit Reporting Act (FCRA) and aims to bring data brokers and aggregators under the same regulatory umbrella as traditional consumer reporting agencies. The article explores how the proposed rule would expand and redefine core FCRA terms such as "consumer report" and "consumer reporting agency" by making more businesses subject to FCRA requirements. The authors also note if finalized, the rule will likely face legal challenges and could lead to further regulatory uncertainty or a patchwork of state laws if federal regulation stalls.

READ: The Proposed CFPB Rule Amending Regulation V Would Greatly Expand the Businesses and Practices Regulated by the FCRA: But Will It Withstand Expected Challenges in the Wake of Loper Bright? (Subscription required)