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).
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)