Summary: | The FDIC, the other federal financial institution regulatory agencies and the Federal Trade Commission have jointly published the attached Advance Notice of Proposed Rulemaking (ANPR). The ANPR invites comment to gather information that is useful for developing guidelines and rules to enhance the accuracy and integrity of information furnished to consumer reporting agencies, pursuant to Section 312 of the Fair and Accurate Credit Transactions Act (FACT Act). Comments are due by May 22, 2006. |
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Financial
Institution Letters
FIL-31-2006 April 7, 2006 |
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Fair and
Accurate Credit Transactions Act
The FDIC, the other federal financial institution regulatory agencies and the Federal Trade Commission have jointly published the attached Advance Notice of Proposed Rulemaking (ANPR) inviting comment to gather information that is useful for developing guidelines and regulations to implement section 312 of the Fair and Accurate Credit Transactions Act (FACT Act). Comments are due by May 22, 2006. The Fair Credit Reporting Act (FCRA) contains a number of provisions designed to enhance the accuracy and integrity of data in consumer reports. In 2003, the FCRA was amended by the FACT Act to, among other things, enhance the ability of consumers to combat identity theft and increase the accuracy of consumer reports. Section 312 of the FACT Act requires the federal financial institution regulatory agencies and the Federal Trade Commission to issue guidelines and regulations concerning the accuracy and integrity of information furnished to credit bureaus. Specifically, section 312 of the FACT Act requires the agencies to:
Section 312 identifies the following criteria that the agencies must consider when developing the accuracy and integrity guidelines. The agencies are directed to:
Section 312 also identifies issues that the agencies should consider in developing joint rules that identify circumstances when furnishers must reinvestigate accuracy disputes raised directly by consumers, including:
The attached ANPR contains a series of questions to gather information useful for developing the guidelines and regulations. Questions A1 through A10 address the accuracy and integrity guidelines and regulations, and Questions B1 through B8 address the direct dispute regulations. The agencies recognize that small institutions may present different issues than larger institutions. The agencies specifically invite comment from small institutions on the impact of a future proposal on current resources, and whether the goals of any proposal could be achieved through an alternative approach. The FDIC encourages you to submit comments, together with supporting documentation, where applicable. Questions may be directed to David Lafleur, Policy Analyst, on (202) 898-6569 or John Jackwood, Acting Chief, Compliance Section, on (202) 898-3991 in the Division of Supervision and Consumer Protection; or Richard Schwartz, Counsel, on (202) 898-7424 or Richard Foley, Counsel, on (202) 898-3784 in the Legal Division.
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Additional Related Topics:
- Fair and Accurate Credit Transactions Act
- Fair Credit Reporting Act