Sec. 5450. Bureau servicemember and veteran credit reporting ombudsperson
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/bill/117/hr/7900/pcs/section-5450·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 611(a) of the Fair Credit Reporting Act ( 15 U.S.C. 1681i(a) ) is amended by adding at the end the following: Not later than 180 days after the date of enactment of this paragraph, the Bureau shall establish the position of servicemember and veteran credit reporting ombudsperson, who shall carry out the Bureau’s responsibilities with respect to— resolving persistent errors that are not resolved in a timely manner by a consumer reporting agency in connection with servicemembers and veterans; and enhancing oversight of consumer reporting agencies by— advising the Director of the Bureau, in consultation with the Office of Enforcement and the Office of Supervision of the Bureau, on any potential violations of paragraph
(5)or any other applicable law by a consumer reporting agency in connection with servicemembers and veterans, including appropriate corrective action for such a violation; and making referrals to the Office of Supervision for supervisory action or the Office of Enforcement for enforcement action, as appropriate, in response to violations of paragraph
(5)or any other applicable law by a consumer reporting agency in connection with servicemembers and veterans. The servicemember and veteran credit reporting ombudsperson shall consult with veterans service organizations in carrying out the duties of the ombudsperson. The ombudsperson shall submit to the Committees on Financial Services and Veterans’ Affairs of the House of Representatives and the Committees on Banking, Housing, and Urban Affairs and Veterans’ Affairs of the Senate an annual report including statistics and analysis on consumer complaints the Bureau receives relating to consumer reports in connection with servicemembers and veterans, as well as a summary of the supervisory actions and enforcement actions taken with respect to consumer reporting agencies in connection with servicemembers and veterans during the year covered by the report. . The dollar amount specified under section 7(a)(3)(A) of the Federal Reserve Act ( 12 U.S.C. 289(a)(3)(A) ) is reduced by $18,000,000. The amendment made by paragraph
(1)shall take effect on September 30, 2032.
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