Which agency currently administers the Fair Credit Reporting Act?

The Fair Credit Reporting Act (FCRA) is primarily administered by the Consumer Financial Protection Bureau (CFPB). This agency was established to protect consumers in the financial sector and has the authority to enforce the provisions of the FCRA, ensuring that entities involved in credit reporting adhere to fair practices. The CFPB oversees the consumer reporting industry, ensuring transparency and accountability, and it works to implement regulations that enhance consumer protection.

While other agencies, such as the Federal Trade Commission (FTC) and the Federal Reserve Board (FRB), have roles in consumer financial protection and regulatory oversight, they do not administer the FCRA. The FTC, for example, handles various consumer protection issues, but the specific responsibilities around credit reporting fall under the CFPB’s domain. The Federal Reserve Board oversees broader monetary policy and banking regulations, and the Office of the Comptroller of the Currency (OCC) regulates and supervises national banks.

Therefore, the designation of the CFPB as the agency administering the Fair Credit Reporting Act is correct due to its focused role in protecting consumers in relation to credit reporting practices and enforcing compliance with the law.