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®: CRE Regulatory Action of the Week

Federal Agencies Act on Consumer Information Furnished to Reporting Agencies
On July 1, 2009, the Office of the Comptroller of the Currency, Treasury; Board of Governors of the Federal Reserve System (Board); Federal Deposit Insurance Corporation; Office of Thrift Supervision, Treasury; National Credit Union Administration; and Federal Trade Commission published final rules to implement the accuracy and integrity and direct dispute provisions in section 312 of the Fair and Accurate Credit Transactions Act of 2003 that amended section 623 of the Fair Credit Reporting Act. The final rules implement the requirement that the Agencies 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. These final rules also implement the requirement that the Agencies issue regulations identifying the circumstances under which a furnisher must reinvestigate disputes about the accuracy of information contained in a consumer report based on a direct request from a consumer.

These rules are effective on July 1, 2010.

Also on July 1, 2009, the same agencies issued an Advance Notice of Proposed Rulemaking and requested information that would assist the Agencies in considering the development of a possible proposed addition to the furnisher accuracy and integrity guidelines that were issued in the final rules. The ANPR seeks to obtain information that would assist the Agencies in determining whether it would be appropriate to propose an addition to one of the guidelines that would delineate the circumstances under which a furnisher would be expected to provide an account opening date to a consumer reporting agency to promote the integrity of the information. In addition, the Agencies requested comment more broadly on whether furnishers should be expected to provide any other types of information to a consumer reporting agency in order to promote integrity.

Comments must be submitted by August 31, 2009.
  • Click here to read final rules
  • Click here to read proposed guidelines