James Francis, a partner at Francis Mailman Soumilas in Philadelphia. Courtesy photo CFPB's Recent Interpretive Rule Encourages States to Enact Fair Credit Reporting Laws
In its interpretive rule, the CFPB endorsed states' abilities to enact their own fair credit reporting laws to protect their residents.
October 13, 2022 at 09:24 AM
8 minute read
When courts or administrative agencies opine on whether a federal statute preempts state law, they usually do so in the wake of the statute's enactment. But the U.S. Consumer Financial Protection Bureau's (CFPB) interpretive rule issued mid-summer regarding the Fair Credit Reporting Act's limited preemption of state laws comes 52 years after the FCRA became law, and 11 years after the Dodd-Frank Wall Street Reform and Consumer Protection Act established the CFPB.
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