CLIENT ALERT – New FCRA Forms Take Effect January 1, 2013

Effective January 1, 2013 — and as a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, which transferred FCRA rulemaking authority from the Federal Trade Commission (FTC) to the newly created Consumer Financial Protection Bureau (CFPB) — employers must begin using new Fair Credit Reporting Act (FCRA) forms, including the Summary of Consumer Rights under the FCRA. While the substance of the Summary remains unchanged, the form now must state that the new CFPB, rather than the FTC, is the agency consumers should contact about their rights under the FCRA.