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FRS

RIN: 7100-AC68

Publication ID: Fall 2008

Title: Regulation V--Fair Credit Reporting (Docket No. R-1082)
Abstract: In 1996, the Congress amended the Fair Credit Reporting Act (FCRA) as part of the Consumer Credit Reporting Reform Act. The amendments, among other things, prohibited the federal regulatory agencies from issuing implementing regulations. In November 1999, the Congress once again amended the FCRA as part of the Gramm-Leach-Bliley Act. The amendments lifted the prohibition and directed the Board, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Office of Thrift Supervision to issue implementing regulations jointly. In October 2000, the agencies issued proposed regulations for public comment (65 FR 63120, October 20, 2000). The proposal is not expected to have a significant economic impact on a substantial number of small entities. Following review of the public comments, agency staff considered a revised proposal. On December 4, 2003, the President signed into law the Fair and Accurate Credit Transactions Act (FACT Act) Public Law 108-159, 117 Stat. 1952, which amends the Fair Credit Reporting Act. In general, the FACT Act contains provisions designed to enhance the ability of consumers to combat identity theft, increase the accuracy of consumer reports, and allow consumers to exercise greater control regarding the type and amount of marketing solicitations they receive. The FACT Act requires the Board to issue regulations or guidelines to implement various provisions of the statute. Many of these actions must be undertaken jointly or in consultation with other federal agencies. Each rulemaking under the FACT Act is separately listed herein. The agencies will take further action on the October 2000 proposal once the rulemakings required by the FACT Act are completed, which is likely to be after January 2009.
Agency: Federal Reserve System(FRS)	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 222
Legal Authority: 15 USC 1681 et seq

Legal Deadline: None

Timetable:

Action	Date	FR Cite
Board Requested Comment	10/20/2000	65 FR 63120
Board Expects Further Action By	01/00/2009

Regulatory Flexibility Analysis Required: No	Government Levels Affected: None
Included in the Regulatory Plan: No
RIN Data Printed in the FR: No
Agency Contact: David A. Stein Managing Counsel Federal Reserve System Division of Consumer and Community Affairs, Phone:202 452-3667