Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
National Credit Union Administration
Office of the Comptroller of the Currency
Office of Thrift Supervision
Federal Trade Commission
Agencies Seek Public Comment on Issues Related to the Accuracy of Consumer Credit Reports and the Reinvestigation of Disputes
The federal financial institution regulatory agencies and the Federal Trade
Commission have jointly issued for comment an Advance Notice of Proposed
Rulemaking (ANPR) on section 312 of the Fair and Accurate Credit Transactions
Act (FACT Act). Comments are invited for the purpose of developing guidelines
and rules to implement section 312.
Section 312 requires the agencies
to: (1) establish guidelines regarding the accuracy and integrity of information
furnished to consumer reporting
agencies; and (2) prescribe regulations that require the entities that
furnish such information to establish reasonable policies and procedures
the guidelines. Section 312 also requires the agencies to prescribe regulations
that identify the circumstances under which an entity that furnishes
information to consumer reporting agencies will be required to reinvestigate
concerning the accuracy of information contained in a consumer credit
report based on a consumer's direct request.
The FACT Act requires the agencies to consider specific issues as they
develop guidelines and rules to implement section 312. The ANPR invites
comment on issues relating to: (1) the factors that the agencies must consider
for developing the accuracy and integrity guidelines; and (2) the considerations
that the agencies must weigh before adopting rules that identify the circumstances
in which entities that furnish information to consumer reporting agencies
must reinvestigate direct consumer disputes.
Comments are due 60 days after publication in the Federal Register. The
notice is attached.