View Rule
View EO 12866 Meetings | Printer-Friendly Version Download RIN Data in XML |
TREAS/OTS | RIN: 1550-AC01 | Publication ID: Fall 2008 |
Title: Procedures To Enhance the Accuracy and Integrity of Information Furnished to Consumer Reporting Agencies Under Section 312 of the Fair and Accurate Credit Transactions Act | |
Abstract: The Office of the Comptroller of the Currency, Federal Reserve Board, Federal Deposit Insurance Corporation, Office of Thrift Supervision, National Credit Union Administration and Federal Trade Commission issued an Advance Notice of Proposed Rulemaking to gather information for developing guidelines and regulations required by section 312 of the Fair and Accurate Credit Transactions Act (FACT Act). They subsequently issued a proposed rule. Pursuant to section 312, the Agencies must (1) Establish guidelines for use by persons that furnish information to consumer reporting agencies regarding the accuracy and integrity of the consumer information that they furnish to those agencies; and (2) prescribe regulations that require furnishers to establish reasonable policies and procedures for implementing the guidelines. Section 312 also requires the agencies jointly to prescribe regulations that identify the circumstances under which a furnisher shall be required to reinvestigate a dispute concerning the accuracy of information contained in a consumer report on a consumer based on a direct request of the consumer. The comment period on the proposed rule closed in February 2008 and the various agencies are developing the final rule. | |
Agency: Department of the Treasury(TREAS) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: No | Unfunded Mandates: No |
CFR Citation: 12 CFR 571 | |
Legal Authority: 12 USC 1462a 12 USC 1463 and 1464 12 USC 1467a 12 USC 1828 12 USC 1831p-1 12 USC 1881 to 1884 15 USC 1681s 15 USC 1681s-2 |
Legal Deadline:
None |
||||||||||||||||||
Timetable:
|
Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Federalism: No | |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Suzanne McQueen Consumer Regulations Analyst, Compliance and Consumer Protection Division Department of the Treasury Office of Thrift Supervision 1700 G Street NW., Washington, DC 20552 Phone:202 906-6459 Richard Bennett Senior Compliance Counsel, Regulations and Legislation Division Department of the Treasury Office of Thrift Supervision 1700 G Street NW., Washington, DC 20552 Phone:202 906-7409 |