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FRS

RIN: 7100-AD18

Publication ID: Spring 2008

Title: ●Regulation V--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: On December 4, 2003, the President signed into law the Fair and Accurate Credit Transactions Act of 2003 (FACT Act), Public Law No. 108-159, 117 Stat. 1952, which amends the Fair Credit Reporting Act (FCRA). Section 312 of the FACT Act amended section 623 of the FCRA. This new provision requires the Board, Federal Deposit Insurance Corporation, Federal Trade Commission, National Credit Union Administration, Office of the Comptroller of the Currency, and Office of Thrift Supervision (the Agencies) to issue joint regulations and guidelines relating to certain duties of furnishers of information to consumer reporting agencies. The Agencies are required to issue guidelines for use by furnishers regarding the accuracy and integrity of the information about consumers that they furnish to consumer reporting agencies and prescribe regulations requiring furnishers to establish reasonable policies and procedures for implementing the guidelines. The Agencies also are required to prescribe regulations that identify the circumstances under which a furnisher must investigate a dispute about the accuracy of information in a consumer report based on a direct request of the consumer. The Agencies published for comment proposed regulations and guidelines to implement the accuracy and integrity provisions in section 312 and proposed regulations to implement the direct dispute provisions in section 312 on December 13, 2007 (72 FR 80944). The comment period closed on February 11, 2008.
Agency: Federal Reserve System(FRS)	Priority: Substantive, Nonsignificant
RIN Status: First time published in the Unified Agenda	Agenda Stage of Rulemaking: Final Rule Stage
Major: No	Unfunded Mandates: No
CFR Citation: 12 CFR 222.40 to 222.43
Legal Authority: 15 USC 1681

Legal Deadline: None

Timetable:

Action	Date	FR Cite
Board Requested Comment	12/13/2007	72 FR 70944
Board Expects Further Action By	07/00/2008

Regulatory Flexibility Analysis Required: No	Government Levels Affected: None
Federalism: Undetermined
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