CFPB Requests OMB Reinstatement of Human Trafficking Adverse Credit Reporting Prohibition (Regulation V)
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The Consumer Financial Protection Bureau (CFPB) is requesting that the Office of Management and Budget (OMB) reinstate a previously approved information collection under OMB Control Number 3170-0002. This collection is tied to Regulation V, which implements the Fair Credit Reporting Act (FCRA) provisions that prohibit consumer reporting agencies and furnishers from including adverse information in consumer credit reports when that information results from human trafficking victimization. The reinstatement request is filed pursuant to the Paperwork Reduction Act of 1995 (PRA), which governs how federal agencies collect information from the public. The CFPB must obtain OMB approval before requiring regulated entities to collect, maintain, or submit records related to this prohibition. This action signals the CFPB's intent to continue enforcing protections for human trafficking survivors in the consumer credit reporting system. The underlying rule ensures that victims are not penalized in their credit profiles for financial actions taken under coercion or trafficking conditions. No new regulatory requirements are being introduced at this stage — this is a procedural step to keep the existing information collection authority active and compliant with PRA renewal requirements.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- CFPB formally requests OMB reinstatement of information collection authority under Control Number 3170-0002
- Maintains existing prohibition: adverse credit information stemming from human trafficking victimization cannot be included in consumer reports
- No new regulatory requirements introduced — procedural PRA renewal only
+ 3 more changes with Pro
Obligations
What this law requires
Consumer reporting agencies must prohibit the inclusion of adverse information in consumer credit reports when such information results from human trafficking victimization
Furnishers of consumer credit information must prohibit the inclusion of adverse information in consumer credit reports when such information results from human trafficking victimization
Regulated entities must maintain records and systems necessary to implement and document compliance with the human trafficking adverse credit reporting prohibition under Regulation V
Regulated entities must collect and maintain information necessary to identify consumer credit reports containing adverse information that results from human trafficking victimization
The CFPB must obtain OMB approval before requiring regulated entities to collect, maintain, or submit records related to the human trafficking adverse credit reporting prohibition