The federal consumer financial protection bureau recently announced that it had increased the maximum fee a consumer credit reporting agency may charge ($12.50, up from $12 last year), and the federal credit union regulator wants credit unions to know about it.
In a note this week addressed to boards and chief executives of federally insured credit union, the National Credit Union Administration (NCUA) noted the increase in the fee, which is considered annually by the Consumer Financial Protection Bureau (CFPB).
In fact, the increase in the fee ceiling – announced Jan. 8 by the consumer bureau – was among the first actions taken by new Director Kathleen (“Kathy”) Kraninger, who signed the change Dec. 21. The rule change revises the bureau’s Regulation V, which implements the Fair Credit Reporting Act (FCRA). It provides the fee cap adjustment for 2019 and codifies such adjustments in bureau regulation for the first time.
“Historically, the Bureau has published these FCRA annual adjustments as a notice,” according to a bureau summary for the final rule. “The Bureau is now codifying those notices and adding a provision to Regulation V to track the FCRA’s provisions concerning the annual maximum allowable charge.”
NCUA also said additional information about the Fair Credit Reporting Act is available on the agency’s website.