Regulation V and Fair Credit Reporting Act Regulations

12 CFR 41, 222, 334, 571 and 717 - Fair Credit Reporting

Summary

This page contains the nearly identical regulations of the five federal banking agencies implementing the Fair Credit Reporting Act FCRA and the Fair and Accurate Credit Transactions Act FAIR Act

The rules implement, among other things, the notice and opt-out provisions of the FCRA applicable to financial institutions that give their affiliates certain information about consumers

Fair Credit Reporting Act

Fair Debt Collection Practices Act

Proposed Amendments

Requests for Comments

On proposed rules concerning red flags that signal possible identity theft and discrepancies in addresses comments due 9.18.06

On an advance notice of proposed rulemaking on issues related to the accuracy of consumer credit reports and the reinvestigation of disputes comments due 5.22.06

On a proposed rule to prohibit an institution from using certain information about a consumer that it receives from an affiliate to make a solicitation unless the consumer has been given notice and an opportunity to opt out of the solicitation comments due 8.16.04

Recent Amendments

Note that the FCRA regulations and amendments thereto are substantively the same for all federal banking agencies

Final rules creating limited exceptions to permit affiliates to share medical information with each other without becoming consumer reporting agencies eff 4.01.06

Amendment to require financial institutions to adopt measures for properly disposing of consumer information derived from credit reports eff 7.01.05

Addition of model notices that financial institutions may use to comply with the notice requirement relating to furnishing negative information eff 7.16.04

Establishment of effective dates for all provisions of the Fair and Accurate Credit Transactions Act of 2003 that do not have a statutorily prescribed effective date eff 3.12.04

Interim rules to establish effective dates for certain provisions of the Fair and Accurate Credit Transactions Act of 2003 that do not have a statutorily prescribed effective date, including provisions that preempt state laws that regulate areas governed by the FCRA eff 12.31.03

Jointly issued by the Federal Reserve and the Federal Trade Commission

Press release
Notice - preemption of state law provisions
Notice - effective date provisions

Rules

12 CFR	OCC	FRB	FDIC	OTS	NCUA
Purpose	41.1	222.1	334.1	571.1	717.1
Examples	41.2	222.2	334.2	571.2	717.2
Definitions	41.3	222.3	334.3	571.3	717.3
Obtaining or using medical information in connection with a determination of eligibility for credit	41.30	222.30	334.30	571.30	717.30
Limits on redisclosure of information	41.31	222.31	334.31	571.31	717.31
Sharing medical information with affiliates	41.32	222.32	334.32	571.32	717.32
Disposal of consumer information	41.83	222.83	334.83	571.83	717.83

Cases

TRW v Andrews

Statute of limitations; discovery rule

Individual Response Service Group v FTC

Attacking GLBA regulations
Target marketing; "opting out"

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