Bureau of Consumer Financial Protection Updates its “Summary of Consumer Rights”
April 18, 2023
The Consumer Financial Protection Bureau (Bureau) has issued a final rule to make non-substantive corrections and updates to its Summary of Consumer Rights (Summary). Changes include correcting the Bureau’s mailing zip code, updating the names of Bureau divisions to reflect a recent organizational realignment and updating the contact information provided for other federal agencies. Changes were also made to update references to obsolete business types. The updated Summary will replace the previous version, which was published in October 2018.
The Fair Credit Reporting Act (FCRA) requires employers to provide a copy of the Summary with the pre-adverse action notice whenever they make employment decisions based on information that is revealed in a background check report. The Bureau’s updated rule becomes effective April 19, 2023, but the compliance date when employers are required to being using the new form is March 20, 2024. A copy of the updated form can be found here.
For more information regarding compliance with the FCRA or the changes to the Summary, please contact Nicholas Jacobson or any of the attorneys in Bond’s labor and employment practice.