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The CFPB Tuesday issued 10 FAQs related to consumer credit reporting amid the coronavirus pandemic. The CARES Act included a provision that directs lenders to report a credit account as current if the consumer has sought payment relief related to difficulties caused by the national emergency, amending the Fair Credit Reporting Act (FCRA).

The bureau previously released a policy statement on this provision. The FAQs answer questions related to:

• the bureau's policy statement on the CARES Act provision;
• the CFPB's enforcement of the FCRA and amending provision;
• whether the CFPB will cite or sue furnishers for violating FCRA requirements to investigate disputes amid the pandemic;
• what qualifies as an accommodation to consumers under the CARES Act provision;
• if furnishers are required to provide accommodations;
• a furnisher's consumer reporting obligations if an accommodation is provided;
• considerations when reporting consumers as current under the CARES Act;
• how furnishers can comply with the reporting requirements under the CARES Act;
• reporting all of a furnisher's consumers' accounts or all of their consumers' accounts in a particular product line as in forbearance; and
• how to report the status of an account after the CARES Act accommodation ends.

NAFCU continues to advocate for more guidance and relief to allow credit unions to better serve members during this crisis. Access coronavirus-related resources, including a table of regulator actions and summary of the CARES Act, on NAFCU's dedicated resource page.