On May 19, 2008, the Federal Reserve published a joint notice of proposed rulemaking (73 FR 28966) to implement the provisions in section 311 of the Fair and Accurate Credit Transactions Act (FACT Act) of 2003, which amends the FCRA. As required by section 311, the agencies are proposing rules that generally require a creditor to provide a risk-based pricing notice to a consumer when the creditor uses a consumer report to grant or extend credit to the consumer on material terms that are materially less favorable than the most favorable terms available to a substantial proportion of consumers from or through that creditor. The proposed rules also provide for two alternative means by which creditors can determine when they are offering credit on material terms that are materially less favorable. The proposed rules also include certain exceptions to the general rule, including exceptions for creditors that provide a consumer with a disclosure of the consumers credit score in conjunction with additional information that provides context for the credit score disclosure. The comment period for this notice expired on August 8, 2008. The agencies received 2 comments from industry groups that specifically addressed paperwork burden. On October ##, 2009, a joint notice of final rulemaking was published in the Federal Register adopting the amendments largely as proposed, with mandatory compliance by July 1, 2010 (74 FR #####).
US Code: 15 USC 1681 Name of Law: Fair Credit Reporting Act
US Code: 15 USC 1681b, 1681c, 1681m and 1681s; Name of Law: Fair Credit Reporting Act
PL: Pub.L. 108 - 159 Stat. 1952 Name of Law: Fair Credit Reporting Act
On May 19, 2008, the Federal Reserve published a joint notice of proposed rulemaking (73 FR 28966) to implement the provisions in section 311 of the Fair and Accurate Credit Transactions Act (FACT Act) of 2003, which amends the FCRA. As required by section 311, the agencies are proposing rules that generally require a creditor to provide a risk-based pricing notice to a consumer when the creditor uses a consumer report to grant or extend credit to the consumer on material terms that are materially less favorable than the most favorable terms available to a substantial proportion of consumers from or through that creditor. The proposed rules also provide for two alternative means by which creditors can determine when they are offering credit on material terms that are materially less favorable. The proposed rules also include certain exceptions to the general rule, including exceptions for creditors that provide a consumer with a disclosure of the consumers credit score in conjunction with additional information that provides context for the credit score disclosure. The comment period for this notice expired on August 8, 2008. The agencies received 2 comments from industry groups that specifically addressed paperwork burden. On January 15, 2010, a joint notice of final rulemaking was published in the Federal Register adopting the amendments largely as proposed, with mandatory compliance by January 1, 2011 (75 FR 2724).
$0
No
No
Uncollected
Uncollected
No
Uncollected
John Schmidt 202-728-5859 john.schmidt@frb.gov
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
RegV_R1316.FACTA_311_20080508.PR.pdf
RegV_R1316_FACTA311_RBP_20100120_omb.doc
Reg V - CRA notice (Section 217)