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FRS | RIN: 7100-AD18 | Publication ID: Fall 2009 |
Title: Regulation V--Procedures To Enhance the Accuracy & Integrity of Information Furnished to Consumer Reporting Agencies Under Section 312 of the Fair & Accurate Credit Transactions Act (Docket No. R-1300 | |
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, the Federal Deposit Insurance Corporation, the Federal Trade Commission, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the 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. | |
Agency: Federal Reserve System(FRS) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Completed Actions |
Major: No | Unfunded Mandates: No |
CFR Citation: 12 CFR 222.40 to 222.43 | |
Legal Authority: 15 USC 1681 |
Legal Deadline:
None |
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Timetable:
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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: David A. Stein Managing Counsel Federal Reserve System Division of Consumer and Community Affairs, Phone:202 452-3667 |