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1.3.3.1.2 Summary of current FCRA regulations

Currently, the primary federal agency with rulemaking authority over the FCRA is the Consumer Financial Protection Bureau. The CFPB has issued a set of regulations, found in Appendix B.2.1, infra. The other major regulator for the FCRA is the Federal Trade Commission. In a few instances, the Securities and Exchange Commission and Commodities Futures Trading Commission have authority to issue FCRA regulations governing the entities they regulate.

Prior to the Dodd-Frank Act, regulatory authority was split between the FTC and the banking regulators. The FTC had promulgated regulations that applied to consumer reporting agencies, users of consumer reports, and non-bank furnishers. The FTC withdrew many, but not all, of its FCRA regulations in April 2012.64 The remaining FTC regulations that do not have parallel CFPB versions are included in Appendix B.3, infra. The banking regulators had issued parallel sets of FCRA regulations, which are not included, but are essentially the same as the CFPB and FTC regulations. Of the banking regulators, the Office of Comptroller of Currency65 and the FDIC66 have withdrawn certain of their FCRA regulations, while the FRB and the National Credit Union Administration have yet to do so. A table in Appendix B.4, infra, sets forth the citations for the remaining parallel regulations.

The FCRA regulations include the following:

  • ● Regulations creating the centralized source through which consumers may request a free annual consumer report from a nationwide CRA and prohibiting deceptive marketing of such reports (CFPB);67
  • ● Regulations about how nationwide specialty CRAs are to provide free annual credit reports (CFPB);68
  • ● Regulations imposing obligations on users for proper disposal of consumer report information and records (FTC, SEC, CFTC, and federal banking regulators);69
  • ● Regulations prohibiting nationwide CRAs from circumventing their treatment under the FCRA (CFPB);70
  • ● Regulations that create exceptions to the prohibition against creditors obtaining or using medical information in connection with a determination of the consumer’s eligibility for credit (CFPB and FRB);71
  • ● Regulations regarding the policies and procedures that a user of a consumer report that has an address discrepancy must employ (CFPB and FTC);72
  • ● Regulations defining what constitutes appropriate proof of identity for the purposes of 15 U.S.C. § 1681c-1 (identity theft prevention, fraud alerts, and active duty alerts), 15 U.S.C. § 1681c-2 (block of information resulting from identity theft), and 15 U.S.C. § 1681g(a)(1) (requiring a CRA to truncate the Social Security number of a consumer on a report issued to a consumer) (CFPB);73
  • ● Definitions of identity theft related terms, provisions regarding fraud alerts, active duty alerts, and identity theft reports (CFPB);74
  • ● The red flag guidelines that financial institutions are to follow to prevent and detect identity theft (FTC and federal banking regulators);75
  • ● The model summary of rights to obtain and dispute information in consumer reports and to obtain credit scores (CFPB);76
  • ● The model summary of rights concerning identity theft (CFPB);77
  • ● Regulations with which creditors must comply regarding risk-based pricing notices (CFPB and FTC);78
  • ● Regulations identifying the circumstances under which a furnisher must reinvestigate information upon a consumer’s direct dispute (CFPB and FTC);79
  • ● Guidelines for furnishers to follow regarding the accuracy and integrity of consumer information that they furnish to agencies (CFPB and FTC);80
  • ● The model disclosure for financial institutions to use to comply with the requirement that they disclose to a customer that the institution is furnishing negative information about that customer (CFPB);81
  • ● Regulations to implement the right of consumers to opt out of an affiliate’s use of information for marketing solicitations (CFPB, FTC, SEC, and CFTC);82
  • ● Regulations establishing fees for credit scores (CFPB);83 and
  • ● The model disclosure to inform consumers of their right to opt out of prescreening lists (CFPB).84

In addition to regulations promulgated under the FCRA, the CFPB has issued regulations defining what constitutes a “larger participant” in the consumer reporting market.85 The CFPB has supervisory authority over such larger participants under the Dodd-Frank Act.86

Footnotes

  • 64 {64} See § 1.3.3.1.1, supra.

  • 65 {65} 79 Fed. Reg. 28,393 (May 16, 2014).

  • 66 {66} 80 Fed. Reg. 65,913 (Oct. 28, 2015).

  • 67 {67} 12 C.F.R. §§ 1022.136, 1022.138. See 15 U.S.C. § 1681j(a); § 3.3.2, infra.

  • 68 {68} 12 C.F.R. § 1022.137. See 15 U.S.C. § 1681j(a)(1)(C); § 3.3.3.1, infra.

  • 69 {69} 16 C.F.R. §§ 682.1 to 682.5 (FTC); 12 C.F.R. §§ 41.83, 171.8 (OCC); 12 C.F.R. § 222.82 (FRB); 12 C.F.R. § 334.83 (FDIC); 12 C.F.R. § 717.83 (NCUA); 17 C.F.R. § 248.30 (SEC); 17 C.F.R. § 162.21 (CFTC). See 15 U.S.C. § 1681w(a).

  • 70 {70} 12 C.F.R. § 1022.140. See 15 U.S.C. § 1681x; § 2.6.1.3, infra.

  • 71 {71} 12 C.F.R. §§ 1022.30 to 1022.32; 12 C.F.R. § 232.3 (FRB). See also 12 C.F.R. § 222.30 (FRB regulated banks); 12 C.F.R. § 717.30 (NCUA). See generally 15 U.S.C. § 1681b(g)(5); § 5.4, infra.

  • 72 {72} 12 C.F.R. § 1022.82; 16 C.F.R. § 641.1 (FTC). See also 12 C.F.R. § 222.82 (FRB); 12 C.F.R. § 717.82 (NCUA). See generally 15 U.S.C. § 1681c(h)(2); § 9.2.6.3, infra.

  • 73 {73} 12 C.F.R. § 1022.123. See Pub. L. No. 108-159, § 112(b) (2003); § 9.2, infra.

  • 74 {74} 12 C.F.R. §§ 1022.3, 1022.121.

  • 75 {75} 12 C.F.R. §§ 41.90, 171.90, app. J (OCC); 12 C.F.R. § 222.90, app. J (FRB); 12 C.F.R. § 334.90, app. J (FDIC); 12 C.F.R. § 717.90, app. J (NCUA); 16 C.F.R. § 681.2, app. A (FTC). See 15 U.S.C. § 1681m(e); § 9.2.6, infra.

  • 76 {76} 12 C.F.R. pt. 1022 app. K. See 15 U.S.C. § 1681g(c)(1); § 8.4.2, infra.

  • 77 {77} 12 C.F.R. pt. 1022 app. I. See 15 U.S.C. § 1681g(d); § 8.3, infra.

  • 78 {78} 12 C.F.R. §§ 1022.70 to 1022.75, app. H (CFPB); 16 C.F.R. §§ 640.1 to 640.6, 698.1, app. B (FTC). See also 12 C.F.R. §§ 222.70 to 222.75, app. H (FRB). See generally 15 U.S.C. § 1681m(h)(6); § 8.7, infra.

  • 79 {79} 12 C.F.R. §§ 1022.41, 1022.43 (CFPB); 16 C.F.R. §§ 660.2, 660.4 (FTC). See also 12 C.F.R. §§ 222.41, 222.43 (FRB); 12 C.F.R. §§ 717.41, 717.43 (NCUA). See generally 15 U.S.C. § 1681s-2(a)(8)(A); § 6.5.2, infra.

  • 80 {80} 12 C.F.R. § 1022.42, app. E (CFPB); 16 C.F.R. § 660.3, app. A (FTC). See also 12 C.F.R. § 222.42, app. E (FRB); 12 C.F.R. § 717.42, app. E (NCUA). See generally 15 U.S.C. § 1681s-2(e); § 6.5.2, infra.

  • 81 {81} 12 C.F.R. pt. 1022 app. B (CFPB). See also 12 C.F.R. pt. 222 app. B (FRB). See generally 15 U.S.C. § 1681s-2(a)(7)(D); § 8.9, infra.

  • 82 {82} 12 C.F.R. §§ 1022.20 to 1022.28, app. C (CFPB); 16 C.F.R. §§ 680.21 to 680.28, app. C (FTC); 17 C.F.R. pt. 48 reg. S-AM (SEC); 17 C.F.R. §§ 162.1 to 162.9, app. A (CFTC). See also 12 C.F.R. §§ 222.20 to 222.28, app. C (FRB); 12 C.F.R. §§ 717.20 to 717.28, app. C (NCUA). See generally 15 U.S.C. § 1681s-3(a); § 8.12, infra.

  • 83 {83} 15 U.S.C. § 1681g(f)(8).

    The FTC issued an advance notice of proposed rulemaking on this topic in 2004, but never established a specific price. 69 Fed. Reg. 64,698 (Nov. 8, 2004). Setting the price is now the responsibility of the CFPB. Pub. L. No. 111-203, § 1088 (2010). See § 3.3.4, infra.

  • 84 {84} 12 C.F.R. pt. 1022 app. D. See 15 U.S.C. § 1681m(d); § 8.8, infra.

  • 85 {85} 12 C.F.R. § 1090.104(b).

  • 86 {86} 12 U.S.C. § 5514(a)(1)(B). See § 13.2.4.5, infra.