CFPB Says States Can Write Stricter Credit Reporting Laws

By Jon Hill (June 28, 2022, 5:41 PM EDT) — The Consumer Financial Protection Bureau said Tuesday that states can enact tougher credit reporting restrictions than are provided for under federal law, endorsing a limited federal preemption view favored by consumer advocates.

The CFPB issued an interpretive rule that concludes key preemption provisions of the federal Fair Credit Reporting Act have a “narrow and targeted scope.” As a result, states “retain substantial flexibility” to write their own custom laws on consumer reporting that are stricter than the FCRA, the agency said.

“Given the intrusive surveillance that Americans face every day, it is critical that states can protect their citizens from abuse…

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