NYDFS Releases Guidance on Combating AI Cybersecurity Risks
In 2017, the New York State Department of Financial Services (NYDFS) Cybersecurity Requirements for Financial Service Companies (23 NYCRR 500) was...
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Verified Credentials Mar 26, 2024 12:00:00 AM
Last year, on March 17, 2023, the Consumer Financial Protection Bureau (CFPB) published a revised Summary of Consumer Rights Under the Fair Credit Reporting Act. Effective March 20, 2024, employers are required to start using the revised Summary of Consumer Rights to comply with the FCRA.
The revised summary supersedes the version published in October 2018. Notable updates to the FCRA Summary of Rights include the following:
As with the 2018 version, employers must provide the revised FCRA Summary of Consumer Rights to applicants and employees before taking any adverse action based on a consumer report. It must also accompany any pre-adverse action notices as well. The revised FCRA Summary of Consumer Rights can be found here.
The updated FCRA Summary of Consumer Rights applies to all employers who use a third party to conduct background checks on applicants and employees. Understanding and complying with the updated FCRA Summary of Rights is crucial for HR professionals across the United States.
Verified Credentials has created a step-by-step FCRA compliance checklist that can be downloaded here to help employers ensure they are prepared. Employers should consult their legal counsel to understand these changes and ensure compliance with the law.
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As an employer that conducts background checks, you’re probably familiar with the federal Fair Credit Reporting Act (FCRA) and know that there are...