The Fair Credit Reporting Act (FCRA)
was enacted in 1970 based on a Congressional finding that the
banking system is dependent on fair and accurate credit reporting.
The FCRA was enacted to ensure consumer reporting agencies exercise
their responsibilities with fairness, impartiality, and a respect
for the consumer’s right to privacy. The FCRA requires consumer
reporting agencies to adopt reasonable procedures that are fair and
equitable to the consumer with regard to the confidentiality,
accuracy, relevancy, and proper utilization of consumer
information. Congress substantially amended the FCRA upon the
passage of the Fair and Accurate Credit Transactions Act of 2003
(FACT Act). The FACT Act created many new responsibilities for
consumer reporting agencies and users of consumer reports. It
contained many new consumer disclosure requirements, as well as
provisions to address identity theft. In addition, the FACT Act
provided consumers with the right to obtain a copy of their
consumer report annually without cost. Improving consumers’ access
to their credit report is intended to help increase the accuracy of
data in the consumer reporting system. The Dodd-Frank Wall Street
Reform and Consumer Protection Act, enacted in 2010, transferred
most, but not all, FCRA rulemaking authority to the CFPB. However,
rulemaking responsibility for provisions regarding the disposal of
consumer information, identity theft prevention programs (“red
flags”), and the duties of card issuers regarding changes of
address were not transferred CFPB and responsibility for these
provisions remained with the Federal Reserve and other federal
agencies. On December 21, 2011, the CFPB published an interim final
rule establishing a new Regulation V. The Federal Reserve’s FCRA
regulations are contained in the Federal Reserve’s Regulation
V.
Increase in burden reflects
various adjustments (increases in respondent panel for some ICs and
decreases in respondent panel in other ICs) in the respondent
panel.
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.
FR V 83c.pdf
Disclosure: Negative information notice (Section 1022, Appendix B)