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FTC | RIN: 3084-AA94 | Publication ID: Spring 2013 |
Title: Fair and Accurate Credit Transactions Act of 2003 | |
Abstract: The Fair and Accurate Credit Transactions Act of 2003 (the FACT Act or FACTA or the Act), which amended the Fair Credit Reporting Act, was enacted on December 4, 2003. The Act required that the Commission undertake a number of rulemakings and studies, which have primarily been completed. Many of these responsibilities were transferred on July 21, 2011, to the Consumer Financial Protection Bureau (CFPB) under the Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203. IDENTITY THEFT Red Flags FACTA required the Commission to jointly promulgate with the banking agencies and the NCUA Identity Theft "Red Flag" Guidelines and Rules to implement these guidelines (the "ID Theft Red Flag Rule") and an Address Change Rule (the "Address Change Rule"). The ID Theft Red Flag Rule would, among other things, require card issuers to investigate requests for card changes. The Address Change Rule would require credit report users to investigate when the address on a credit report differs from the address on a credit application. The agencies jointly published proposed rules on July 18, 2006. 71 FR 40786. The comment period closed on September 18, 2006. The agencies reviewed the comments and issued a final rule on November 9, 2007. 72 FR 63718. The rule became effective on November 1, 2008. At the request of members of Congress, the Commission delayed enforcement of the Red Flags portion of the rule until January 1, 2011, for entities subject to enforcement by the Commission. On December 18, 2010, Congress enacted the Red Flag Program Clarification Act of 2010, Public Law No. 111-319, which limited the scope of entities required to comply with the Red Flag Rule. The Commission published its Interim Final Rule on December 6, 2012, which became effective on February 11, 2013. 77 FR 72712. | |
Agency: Federal Trade Commission(FTC) | Priority: Other Significant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Completed Actions |
Major: No | Unfunded Mandates: No |
CFR Citation: 16 CFR 602 and 604 16 CFR 641 and 642 16 CFR 660 16 CFR 680 to 682 16 CFR 698 | |
Legal Authority: PL 108-159, 117 Stat 1952 PL 11-24, 123 Stat 1734 |
Legal Deadline:
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: Federal, Local, State, Tribal |
Small Entities Affected: Businesses | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Steven Toporoff Attorney Federal Trade Commission Division of Marketing Practices, Bureau of Consumer Protection, 600 Pennsylvania Avenue NW., Washington, DC 20580 Phone:202 326-3135 Email: stoporoff@ftc.gov |