On March 17, 2023, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a final rule updating, among other things, the model form for the Fair Credit Reporting Act (FCRA) Summary of Rights (the “Summary”). The CFPB’s changes to the Summary include non-substantive revisions that update contact information for various federal agencies and references to obsolete business types, such as “federal land banks,” and make other technical corrections.
As before, employers must provide the Summary to the candidate in two situations – (1) with the required disclosure prior to procuring an investigative consumer report, and (2) with any pre-adverse action notices. Although not required, it is considered a best practice to provide the Summary when requesting a consumer report.
The rule becomes effective on April 19, 2023, but the mandatory compliance date for the Summary is March 20, 2024. We decided to defer implementing the updated Summary for the time being. On March 24, 2023, the CFPB made a correction to a phone number and issued an updated version. It is unknown if more corrections are needed.