View Rule

View EO 12866 Meetings

Printer-Friendly Version Download RIN Data in XML

TREAS/OTS

RIN: 1550-AC01

Publication ID: Spring 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). 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 closed in May 2006 and the various ageinces are developing the proposed 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 12 USC 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:

Action	Date	FR Cite
ANPRM	03/22/2006	71 FR 14419
ANPRM Comment Period End	05/22/2006
NPRM	12/13/2007	72 FR 70944
Final Action	09/00/2008

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