Overview
- The interpretive rule took effect October 28 and declares that federal law generally bars states from dictating what information appears in consumer reports.
- The CFPB withdrew its July 2022 interpretation that had read FCRA preemption narrowly and now reads Congress as intending to occupy the field.
- The bureau cites risks of a 50-state patchwork, higher compliance costs, and reduced comparability for lenders if states set differing content rules.
- Recent state laws excluding medical debt from credit files are now in doubt and may face challenges from industry relying on the new federal stance.
- Because the action is interpretive, it bypassed notice-and-comment, and courts will ultimately determine the scope of preemption under the FCRA.