Who enforces the FCRA?

• A. Consumer Financial Protection Bureau (CFPB)
• B. Federal Trade Commission (FTC)
• C. Consumer Financial Protection Bureau (CFPB) & Federal Trade Commission (FTC)
• D. Office of the Comptroller of the Currency (OCC)

Answer: (C)

The FCRA is enforced by two federal agencies: the Federal Trade Commission and the Consumer Financial Protection Bureau. The FTC has long enforced most of the FCRA’s provisions, overseeing rules about consumer reporting agencies, accuracy, and disclosures. After the Dodd-Frank Act, the CFPB gained enforcement authority for many consumer financial laws, including those parts of the FCRA that relate to consumer reporting in the financial services context. So, both agencies can bring enforcement actions, depending on the context, while the OCC isn’t the primary enforcer of the FCRA.