The CFPB is seeking comments until May 9 on a proposed rule that would require consumer reporting agencies, or CRAs, to avoid preventing survivors of human trafficking from achieving financial independence.
The aim of the proposed rule is to protect survivors of human trafficking by preventing CRAs from including negative information resulting from abuse, according to the CFPB.
The proposed rule, if enacted, will include guidelines for financial institutions to:
- help survivors know how to report their status as having experienced a form of trafficking;
- require CRAs to block adverse information in consumer reports; and
- make the rules applicable to all CRAs.
“As survivors of human trafficking go through the recovery process, they shouldn’t be penalized for abuse they have endured,” said Rohit Chopra, CFPB director. “The CFPB’s proposal will help ensure that survivors can work to rebuild their lives, including accessing credit, opening a bank account, and finding a job.”