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Abstract: 

The CARES Act includes a provision amending the FCRA to ensure that a consumer’s acceptance of payment deferral or other economic relief would not result in impairment of the consumer’s credit standing. In this article, the author discusses the statute, the initial regulatory response, and the reaction of state attorneys general and consumer advocates. He closes with a review of proposed legislation that would provide broader protection for the credit standing of consumers affected by the coronavirus or other natural disasters.

Keywords: Section 4021 of the CARES Act; CFPB; Fair Credit Reporting Act (“FCRA”)

Affiliations:  1: Stroock & Stroock & Lavan LLP.