The Consumer Financial Protection Bureau (CFPB) is now responsible for enforcing the Fair Credit Reporting Act (FCRA), which was previously a duty of the Federal Trade Commission (FTC).This change came under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. This is important for small businesses who perform credit checks on employees, as there are certain forms that the FCRA requires employers and consumer reporting agencies to use when
conducting background checks on employees or applicants. The new
forms, which went into effect on January 1, 2013, are available in Appendices K, M
and N in Title 12 of the Code of Federal Regulations Part
1022.
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