InfoSight Spotlight: CFPB publishes 2020 FCRA fee cap amount

The most recent edition of the InfoSight newsletter mentions the CFPB’s announcement that the ceiling for 2020 on allowable charges that a consumer reporting agency can impose for providing a disclosure to a consumer will remain unchanged at $12.50. Section 612(f)(1)(A) of the Fair Credit Reporting Act (FCRA) provides that a consumer reporting agency may […]

fair credit artworkThe most recent edition of the InfoSight newsletter mentions the CFPB’s announcement that the ceiling for 2020 on allowable charges that a consumer reporting agency can impose for providing a disclosure to a consumer will remain unchanged at $12.50.

Section 612(f)(1)(A) of the Fair Credit Reporting Act (FCRA) provides that a consumer reporting agency may charge a consumer a reasonable amount for making a disclosure to the consumer pursuant to section 609 of the FCRA. Section 612(f)(1)(A) of the FCRA further provides that, where a consumer reporting agency is permitted to impose a reasonable charge on a consumer for making a disclosure to the consumer pursuant to section 609 of the FCRA, the charge shall not exceed $8 and shall be indicated to the consumer before making the disclosure.

Section 612(f)(2) of the FCRA states that the bureau shall increase the $8.00 maximum amount on Jan. 1 of each year, based proportionally on changes in the Consumer Price Index, with fractional changes rounded to the nearest fifty cents. The bureau’s calculations are based on the CPI-U, which is the most general Consumer Price Index and covers all urban consumers and all items.

Read the full InfoSight newsletter here.

Written by
Cara Clark
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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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