November 11, 2020
Experienced Troutman Pepper attorneys, David Anthony, Cindy Hanson, Alan Wingfield, and Tim St. George, will take a close look at the nitty-gritty of the practical side of credit reporting during the COVID-19 pandemic and economic downturn. We will cover guidance from the Consumer Data Industry Association and very recent new guidance from the Consumer Financial Protection Bureau on the requirements of the CARES Act. We will also discuss challenges faced by furnishers arising from the impact of the economic downturn (uptick of voluntary surrenders and delinquencies, disputes and more). Finally, we will revisit the status of COVID-19-inspired state efforts to directly regulate credit reporting, and the impact on credit reporting of pandemic-inspired state regulation of debt collection.
Key topics to be discussed:
- The “CARES” Act.
- Amendment to the FCRA.
- CFPB Policy Statements on Credit Reporting.
- CDIA Guidance for CARES Act.
- CDIA Guidance for Forbearance & Natural Disaster Credit Reporting; Bankruptcy Reporting & Considerations.
- Key State Actions on Credit Reporting