Question 10
UnclassifiedAfter Dodd-Frank, which federal agency has primary rulemaking authority for the FCRA?
Correct answer: C
Explanation
Dodd-Frank transferred primary rulemaking authority for the Fair Credit Reporting Act to the Consumer Financial Protection Bureau. The CFPB now issues and interprets the FCRA regulations for most consumer credit reporting matters, replacing the prior split authority among federal agencies.
Why each option is right or wrong
A. The FTC
B. The FCC
C. The CFPB
Dodd-Frank amended the Fair Credit Reporting Act by transferring the former rulemaking functions of the Federal Reserve Board and other agencies to the Consumer Financial Protection Bureau, which now has primary authority to issue regulations under FCRA. The transfer is reflected in 15 U.S.C. § 1681s(e) and the Dodd-Frank Act’s transfer provisions, which placed most consumer financial protection rulemaking, including FCRA implementation, with the CFPB effective July 21, 2011.
D. The FDIC