[Federal Register: February 11, 2004 (Volume 69, Number 28)]
[Rules and Regulations]
[Page 6526-6531]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr11fe04-2]
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FEDERAL RESERVE SYSTEM
12 CFR Part 222
FEDERAL TRADE COMMISSION
16 CFR Part 602
[Regulation V; Docket Nos. R-1172 and R-1175; and Project No. PO44804]
RIN 3084-AA94
Effective Dates for the Fair and Accurate Credit Transactions Act
of 2003
AGENCIES: Board of Governors of the Federal Reserve System (Board) and
Federal Trade Commission (FTC).
ACTION: Joint final rules.
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SUMMARY: The recently enacted Fair and Accurate Credit Transactions Act
of 2003 (FACT Act or the Act) requires the Board and the FTC (the
Agencies) jointly to adopt rules establishing the effective dates for
provisions of the Act that do not contain specific effective dates. The
Agencies are adopting joint final rules that establish a schedule of
effective dates for many of the provisions of the FACT Act for which
the Act itself does not specifically provide an effective date. The
Agencies also are jointly making final rules that previously were
adopted on an interim basis. Those rules establish December 31, 2003,
as the effective date for provisions of the Act that determine the
relationship between the Fair Credit Reporting Act (FCRA) and state
laws and provisions that authorize rulemakings and other implementing
action by various agencies.
EFFECTIVE DATE: Effective on March 12, 2004.
FOR FURTHER INFORMATION CONTACT:
Board: Thomas E. Scanlon, Counsel, Legal Division, (202) 452-3594;
David A. Stein, Counsel, Minh-Duc T. Le, Ky Tran-Trong, Senior
Attorneys, Krista P. DeLargy, Attorney, Division of Consumer and
Community Affairs, (202) 452-3667 or (202) 452-2412; for users of
Telecommunications Device for the Deaf (``TDD'') only, contact (202)
263-4869.
FTC: Christopher Keller or Katherine Armstrong, Attorneys, Division
of Financial Practices, (202) 326-3224.
SUPPLEMENTARY INFORMATION:
I. Background
The FACT Act became law on December 4, 2003. Pub. L. 108-159, 117
Stat. 1952. In general, the Act amends the FCRA to enhance the ability
of consumers to combat identity theft, to increase the accuracy of
consumer reports, and to allow consumers to exercise greater control
regarding the type and amount of marketing solicitations they receive.
The FACT Act also restricts the use and disclosure of sensitive medical
information. To bolster efforts to improve financial literacy among
consumers, title V of the Act (entitled the ``Financial Literacy and
Education Improvement Act'') creates a new Financial Literacy and
Education Commission empowered to take appropriate actions to improve
the financial literacy and education programs, grants, and materials of
the Federal government. Lastly, to promote increasingly efficient
national credit markets, the FACT Act establishes uniform national
standards in key areas of regulation.
The Act includes effective dates for many of its sections that vary
to take account of the need for rulemaking, implementation efforts by
industry, and other policy concerns. Section 3 of the FACT Act requires
the Agencies to prescribe joint regulations establishing an effective
date for each provision of the Act ``[e]xcept as otherwise specifically
provided in this Act and the amendments made by this Act.'' The FACT
Act requires that the Agencies jointly adopt final rules establishing
the effective dates within two months of the date of the enactment of
the Act. Thus, by law, the Agencies must complete these rulemaking
efforts by February 4, 2004. The Act also provides that each of the
effective dates set by the Agencies must be ``as early as possible,
while allowing a reasonable time for the implementation'' of that
provision, but in no case later than ten months after the date of
issuance of the Agencies' joint final rules establishing the effective
dates for the Act. 117 Stat. 1953.
In mid-December of 2003, the Agencies took two related actions to
comply with the requirement to establish effective dates for the Act.
In the first action, the Agencies implemented joint interim final rules
that establish December 31, 2003, as the effective date for sections
151(a)(2), 212(e), 214(c), 311(b), and 711 of the FACT Act, each of
which determines the relationship of State laws to areas governed by
the FCRA. See 68 FR 74467 (Dec. 24, 2003). In the second action, the
Agencies proposed joint rules that would establish a schedule of
effective dates for certain other provisions of the FACT Act for which
the Act itself does not specifically provide an effective date. See 68
FR 74529 (Dec. 24, 2003). The Agencies sought comment on both of these
related actions.
[[Page 6527]]
II. Overview of the Comments Received
The Agencies collectively received more than 50 comments in
response to the joint interim final and proposed rules; many commenters
sent copies of the same letter to each of the Agencies and submitted
separate comments on both the joint interim final and proposed
rules.\1\ Most of the comments were submitted by financial institutions
and associations that represent financial institutions. Other comments
were submitted by the National Association of Attorneys General and by
groups that represent consumers, including the Consumer Federation of
America. Three members of Congress also submitted comments in response
to the Agencies' joint interim and proposed rules.
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\1\ Comments submitted to the Commission can be found at http://www.ftc.gov/os/comments/factactcomments/index.html
; for the Board,
http://federalreserve.gov/generalinfo/foia/index.cfm?doc_id=R%2D1175&ShowAll=Yes and http://federalreserve.gov/generalinfo/
/">http://federalreserve.gov/generalinfo/fo/
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Overall, commenters supported the Agencies' approach to establish
effective dates in a bifurcated structure that distinguished the
provisions that require immediate effective dates (primarily those that
relate to state laws) from the other provisions of the FACT Act. The
comments also expressed support for the Agencies' joint proposal to
establish a schedule of effective dates that would make certain
provisions effective as early as March 31, 2004, and others effective
December 1, 2004. Commenters focused on two main issues: first, with
respect to the Agencies' joint interim final rules, commenters raised
concerns about establishing December 31, 2003, as the effective date
for the preemption provisions of the FCRA, as amended by the FACT Act;
and second, commenters raised concerns about establishing December 1,
2004, as the effective date for section 214(a) of the FACT Act, which
relates to using information for making solicitations to a consumer.
After reviewing the comments received, the Agencies have determined to
make final the joint interim rules and have modified the joint proposed
rules in certain respects, as discussed below.\2\
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\2\ The Agencies note that the citations used in the discussion
below refer to the subsections of their respective regulations,
leaving citations to the part number used by each agency blank.
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III. Section-by-Section Analysis
In the supplementary information to the joint interim final rules,
the Agencies addressed the effective dates for certain provisions of
the FACT Act that require one or more agencies to undertake an action
or rulemaking within a specified period of time after enactment of the
Act. 68 FR 74468. The Agencies determined that no joint regulations
under section 3 of the FACT Act are required to make these provisions
effective. The Agencies found that, in these cases, the date of
enactment of the statute is specified as the lawful effective date
because that is the predicate for mandating that an agency action be
performed within a period of time after the date of enactment. The
commenters addressing this determination supported the Agencies'
finding and interpretation under section 3 with respect to these
provisions of the Act. The Agencies have not established in these joint
final rules the effective dates that apply to these provisions of the
Act.
Section----.1(c)(1)(i): Provisions that relate to State laws
The Agencies received several comments on the joint interim final
rules that establish December 31, 2003, as the effective date for the
provisions of the FACT Act that make permanent the existing preemption
provisions of the FCRA and add others.
Overall, commenters supported the Agencies' determination that a
final rule should be prescribed immediately to implement December 31,
2003, as the effective date for paragraph (3) of section 711 of the
FACT Act. That section eliminates the so-called sunset provision and
thus makes permanent the current provisions preempting State laws in
seven areas regulated under the FCRA.
Commenters presented several different views on the Agencies' joint
interim final rule that also establishes December 31, 2003, as the
effective date for paragraph (2) of section 711 of the Act. This sub-
provision amends the FCRA by providing that no requirement or
prohibition may be imposed by the laws of any State ``with respect to
the conduct required by the specific provisions of'' nine sections of
the FCRA, as amended by the FACT Act. Several commenters argued that
the effective dates for the new preemption provisions added in
paragraph (2) should be linked with the effective dates of the
substantive provisions of the Act.\3\ These commenters argued that, if
the FACT Act provisions are read to preempt existing State laws prior
to the time that the FACT Act provisions are actually implemented, then
consumers who reside in several States may be deprived of the
protections under State laws before the Federal protections become
effective.
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\3\ See Nat'l Assoc. of Attorneys General, Consumer Federation
of America, et al., Privacy Rights Clearinghouse, Senators Paul S.
Sarbanes and Dianne Feinstein, and Representative Barney Frank.
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Other commenters argued in contrast that the Agencies should
clarify that the FACT Act provisions preempt State laws immediately and
without regard to when the underlying Federal provision becomes
effective.\4\ These commenters contended that it would be costly and
confusing to delay the preemptive effect of the FACT Act provisions and
thereby subject financial institutions, consumer reporting agencies,
and others to State law requirements for the brief period of time until
rules implementing the Federal provisions become effective.
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\4\ See, e.g., Bank of America, FleetBoston Financial Corp.,
Financial Services Roundtable, Visa USA, Inc., and Wells Fargo & Co.
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The Agencies are required by section 3 of the FACT Act to establish
effective dates for various provisions of the FACT Act, and to set
those dates not later than 10 months after the issuance of the final
joint rules. When and whether State laws are preempted by these
provisions of the FACT Act is determined by each specific provision of
the FACT Act and the provisions of the FCRA that the FACT Act amends.
In establishing December 31, 2003, as the effective date for the
provisions of the FACT Act that address the relation to State laws, the
Agencies did not determine when or whether any particular State law was
or would be preempted.
After review of the comments, the Agencies adopt section
--.1(c)(1)(i) as set forth in the interim rules.
The Agencies note that section 711(2) of the FACT Act adds a new
provision to the FCRA that bars any requirement or prohibition under
any State laws ``with respect to the conduct required by the specific
provisions'' of the FCRA, as amended by the FACT Act. The joint final
rules are based on the Agencies' view that the specific protections
afforded under the FCRA override State laws only when the referenced
Federal provisions that require conduct by the affected persons are in
effect because that is the time when conduct is required by those
provisions of the FCRA. Similarly, section 151(a)(2) of the FACT Act
adds a new provision to section 625(b)(1) of the FCRA that preempts any
State law ``with respect to any subject matter regulated under'' that
provision. Only when a Federal provision is in effect does the subject
matter become regulated under that section and, consequently, State law
preempted.\5\ In both of these situations,
[[Page 6528]]
the Agencies believe that a requirement that applies under an existing
State law will remain in effect until the applicable specific provision
of the FCRA, as amended by the FACT Act, becomes effective.
Consequently, because the substantive Federal provisions actually will
become effective at different times, from six months to three years
after the FACT Act was enacted, establishing December 31, 2003, as the
effective date for the preemption provisions would allow the State law
to continue in effect until the respective Federal protections
underlying each of the Federal preemption provisions comes into effect.
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\5\ Identical language in the FCRA prefaces the preemption
provisions established in sections 214(c) and 311(b) of the FACT
Act, and similar language prefaces the preemption provision
established in section 212(e).
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Section ----.1(c)(1)(ii): Provisions relating to agency action
In the joint interim final rules, the Agencies determined that
December 31, 2003, is the effective date for each of the provisions of
the FACT Act that authorizes an agency to issue a regulation or to take
other action to implement the applicable provision of the FACT Act or
of the FCRA. This subsection of the joint interim final rules limited
the immediate effective date only to an agency's authority to propose
and adopt the implementing regulation or to take such other action. In
reaching that determination, the Agencies explained that joint interim
final rules would not affect the substantive provisions of the FACT Act
implemented by an agency rule.
Commenters supported the Agencies' finding and determination to
establish an immediate effective date for the provisions of the Act
that relate to an agency's authority to issue a regulation or take
other action. After review of the comments received and for the reasons
set forth in the joint interim final rules, the Agencies adopt section
--.1(c)(1)(ii) as set forth in the interim rules. The Agencies reassert
the position that the substantive provisions of the Act become
effective as provided in the Act, as provided in the Agencies' joint
effective date rules, or as provided by the substantive rules
promulgated by the agencies, as appropriate.
Section ----.1(c)(2): Provisions effective March 31, 2004
As the Agencies observed in the joint proposal, the FACT Act
contains a number of provisions that clarify or address rights and
requirements under the FCRA that are self-effectuating but that do not
contain a specific effective date. These provisions are: Section 156
(statute of limitations); sections 312(d) (furnisher liability
exception), (e) (liability and enforcement), and (f) (rule of
construction); section 313(a) (action concerning complaints); section
611 (communications for certain employee investigations); and section
811 (clerical amendments). Section 111 (amendment to definitions)
contains definitions that are self-effectuating but that do not contain
specific effective dates. The Agencies proposed to establish March 31,
2004, as the effective date for each of the provisions of the Act
listed above.
Overall, commenters supported the Agencies' proposal to establish
March 31, 2004, as the effective date for these provisions. Many of the
commenters specifically stated that the proposed effective date is
appropriate for each of these provisions and would allow a reasonable
period of time for affected entities to adjust or develop their systems
to comply with the applicable requirements. For example, one financial
institution observed that these provisions should not require
significant changes to existing business practices conducted by
financial institutions.\6\
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\6\ Capital One Financial Corp.
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One commenter argued that the Agencies should establish a later
effective date for section 111 of the Act, which relates to certain
definitions for the FCRA.\7\ This commenter argued that section 111
designates a new type of consumer reporting agency, defined as a
``reseller,'' that is specifically exempted from certain requirements
that generally apply to all consumer reporting agencies. Under the
Agencies' proposed rule, the definition of ``reseller'' would be
effective earlier than the provisions that exempt a ``reseller'' from
certain obligations, which would be effective on December 1, 2004. The
commenter believed that, during that intervening period a ``reseller''
may be subject to certain requirements under the FCRA, but unable to
avail itself of an exemption until the applicable statutory provision
added by the FACT Act later becomes effective.
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\7\ Countrywide Financial Corp.
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The Agencies have established March 31, 2004, as the effective date
for section 111 as proposed. Establishing the effective date for
section 111, which includes only definitions of terms used throughout
the new provisions of the FCRA added by the FACT Act, does not impose
any substantive obligation on a ``reseller'' or others referenced in
that section. All the obligations, if any, are imposed by the
substantive provisions of the FACT Act and FCRA, which become effective
according to the terms of the applicable statutory provision, the
Agencies' joint rules, or as provided by the substantive implementing
regulation by an agency, as appropriate. The Agencies also believe that
establishing a relatively early effective date for all of the
definitions set forth in section 111 is appropriate because the new
terms apply to a variety of statutory provisions and implementing
regulations that become effective at various times.
One commenter urged the Agencies to adopt a later effective date
for section 156 of the Act, which pertains to the statute of
limitations.\8\ Relative to the time periods that currently apply to
actions involving violations of the FCRA, section 156 extends the
statute of limitations to permit a plaintiff to bring an action in an
appropriate court not later than the earlier of (1) two years after the
date of discovery by the plaintiff of the violation or (2) five years
after the date on which the violation that is the basis for such
liability occurs. This commenter argued that the ``extended statute of
limitations for many causes of action will require users of consumer
reports and others to reevaluate and alter their recordkeeping systems
in order to retain the appropriate documents and other information that
may be necessary for use in future causes of action.''
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\8\ MasterCard Int'l.
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The Agencies recognize that financial institutions and others
undoubtedly will be affected by the amendment to the statute of
limitations. Nevertheless, the Agencies find, upon review of all of the
comments received on the proposal, that the potentially adverse effects
that may arise due to a three-month implementation period (following
the date of the Agencies' proposal) are minimal. In light of the
mandate in section 3 of the Act to ``establish effective dates that are
as early as possible, while allowing a reasonable time for the
implementation of the provisions of this Act,'' the Agencies have
determined that March 31, 2004, is a reasonable effective date for
section 156.
Upon review of the comments received on the other provisions of the
Act subject to this part of the joint proposal, the Agencies believe
that the ``reasonable time to implement'' standard of section 3 of the
Act permits an early effective date because, in general, these
provisions do not require significant changes to business procedures.
Furthermore, the Agencies note that the commenters did not disagree
with the Agencies' preliminary view that each of these provisions
furnishes important benefits to consumers and affected businesses. The
[[Page 6529]]
Agencies find that March 31, 2004, is an appropriate date that balances
the statutory mandate to effectuate provisions of the Act ``as early as
possible'' while allowing a reasonable time for the implementation of
the provisions described in this part of the joint proposal.
Section ----.1(c)(3): Provisions effective December 1, 2004
In general, commenters supported the Agencies' proposal to
establish December 1, 2004, as the effective date for provisions that
require changes in systems, disclosure forms or practices, or
implementing regulations to be administered effectively. With a few
exceptions discussed below, the commenters stated that allowing the
maximum time permitted under section 3 of the Act for these provisions
to become effective is appropriate and would allow a reasonable period
of time for affected entities to adjust or develop their systems to
comply with the applicable requirements.
Many commenters expressed concerns about the Agencies' proposal to
establish December 1, 2004, as the effective date for section 214(a) of
the Act, which creates a new section 624 of the FCRA.\9\ This new
section sets forth a special rule that applies to the use of
information by an affiliate for making solicitations to a consumer.
Commenters argued, in general, that the Agencies' proposed effective
date would be inconsistent with the time frame contemplated by the
statute itself for implementing this provision. Commenters observed
that section 214(b) of the FACT Act provides that regulations ``to
implement section 624 of the [FCRA]'' must be prescribed no later than
September 4, 2004, and those implementing regulations must become
effective not later than six months thereafter. Commenters noted that
aligning the effective date of the statutory provision with the time
frame for prescribing the applicable regulations for that provision
would, as a practical matter, assist companies to coordinate the
notices to consumers required by this new law with their other notices,
such as their privacy notices required by the Gramm-Leach-Bliley
Act.\10\
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\9\ See, e.g., America's Community Bankers, Bank of America,
MBNA America, FleetBoston Financial Corp., Capital One Financial
Corp., Financial Services Roundtable, Household Automative Finance
Corp., Household Bank, Visa USA, Inc., and Bank One Corp.
\10\ 15 U.S.C. 6802-03.
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Based on the comments received on the joint proposal, the Agencies
have reconsidered whether it is necessary for the Agencies to establish
an effective date for section 214(a) under section 3 of the FACT Act.
Section 624(a)(5) of the FCRA, as added by section 214(a) of the FACT
Act, restricts the use of customer information shared by a financial
institution with its affiliate. That section also specifically provides
that ``[t]his subsection shall not prohibit the use of information to
send a solicitation to a consumer if such information was received
prior to the date on which persons are required to comply with
regulations implementing this subsection.'' As noted above, subsection
214(b) establishes specific dates for the issuance and effectiveness of
the implementing regulations for section 214(a). The Agencies believe
that this ``no-retroactivity'' paragraph, which specifically references
the date of the rules adopted under section 214(b), inextricably
connects the underlying obligations imposed by section 214(a) with the
effective date(s) specifically set by Congress in section 214(b). Read
together, these provisions establish a specific effective date for the
obligations in section 214(a).
Section 3 of the FACT Act mandates that the Agencies jointly
establish effective dates for the provisions of the Act ``[e]xcept as
otherwise specifically provided in this Act and the amendments made by
this Act.'' Because the obligations in section 214(a) are specifically
referenced and directly connected to the rulemaking schedule specified
in section 214(b), the Agencies believe Congress has established the
effective date for section 214(a), which is the effective date of the
rules implementing that section. Accordingly, the Agencies have
determined that the Agencies are not required by section 3 of the FACT
Act to establish an effective date for section 214(a) and that section
becomes effective according to the schedule established by section
214(b).
The Agencies believe that the same analysis applies to sections
211(a) (concerning free consumer reports) and 216 (concerning the
disposal of consumer report information and records). Each of these
sections specifically references and depends upon the implementation of
regulations that Congress has required be issued by specific dates.\11\
Consequently, Congress has specified the effective dates of these
sections to be the effective dates of the implementing rules, which
must be completed by specific dates. For this reason, the Agencies
believe that the Agencies are not required by section 3 of the FACT Act
to set effective dates for section 211(a) or section 216. These
sections will become effective on the dates that the implementing rules
become effective. The FACT Act contains a number of other provisions
without effective dates that would require changes in systems,
disclosure forms or practices, or implementing regulations to be
administered effectively. The Agencies have determined that December 1,
2004, is an appropriate effective date for all of the provisions
included in subsection --.1(c)(3) of the joint proposed rules, except
for sections 211(a), 214(a), and 216, as discussed above. Providing the
full 10-month period permitted by the Act will allow industry and the
various agencies a reasonable time to establish systems and rules to
implement these sections effectively. Each of these sections is listed
in the final joint rules.\12\
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\11\ See sections 612(a)(1)(B), (C)(iii), and (C)(iv) of the
FCRA, as added by section 211 of the FACT Act, and section 211(d) of
the Act; section 628(a)(1) of the FCRA as added by section 216 of
the FACT Act.
\12\ The Agencies note that a portion of the amendment made by
section 151(a)(1) (which adds section 609(e) to the FCRA) becomes
effective 180 days after enactment of the Act.
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One commenter suggested that the Agencies should establish December
4, 2004, instead of December 1, 2004, as proposed, as the effective
date for these provisions of the Act.\13\ This commenter noted that
December 1, 2004, falls on a Wednesday and contended that an effective
date that falls during the middle of the week ``could work a hardship
on many companies.'' The commenter indicated that establishing December
4, 2004, as the effective date for these provisions may help to ensure
that implementation processes proceed smoothly because companies would
be provided with more time to implement and test new systems in place
over that weekend. By contrast, other commenters stated that December
1, 2004, is consistent with the maximum 10-month period permitted under
the statute and did not note any adverse consequences that could be
posed by that particular day.
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\13\ American Council of Life Insurers.
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Section 3 of the FACT Act permits the Agencies to establish an
effective date as late as 10 months following the effective date of the
Agencies' joint final rules. This date was uncertain at the time the
rules were proposed. The Agencies believed that adopting a date certain
would reduce burden on all affected by the joint rules by removing
uncertainty about the effective date. The Agencies proposed December 1,
2004, as a date that would both be within the 10-month statutory period
and allow affected entities to begin implementation efforts
[[Page 6530]]
at the start of a new month. Based on all of the comments, the Agencies
continue to believe that, on balance, December 1, 2004, is an
appropriate effective date for the provisions of the statute described
in section --.1(c)(3) of the joint rules because the first day of the
month sharply demarcates the start date for these provisions of the new
law and reduces burden on entities that use a monthly cycle.
Regulatory Analysis
Paperwork Reduction Act
In accordance with the Paperwork Reduction Act of 1995 (44 U.S.C.
3506; 5 CFR 1320 Appendix A.1), the Agencies have reviewed the joint
final rules. (The Board has done so under authority delegated to the
Board by the Office of Management and Budget.) The joint final rules
contain no collections of information pursuant to the Paperwork
Reduction Act.
Regulatory Flexibility Act
In accordance with section 3(a) of the Regulatory Flexibility Act
(5 U.S.C. 603(a)), the Agencies must publish a final regulatory
flexibility analysis with these joint rules. The joint rules establish
effective dates for several provisions of the FACT Act. Prior to the
enactment of the FACT Act, the FCRA imposed various duties on parties
that furnish information to consumer reporting agencies, on parties
that use consumer reports, and on consumer reporting agencies
themselves. The FACT Act modifies and extends some of these existing
duties and imposes new duties on these respective parties. The schedule
of effective dates established by the Agencies would make the newly-
enacted statutory provisions applicable with respect to these parties.
Because the rules merely establish effective dates, the rules
themselves impose no reporting, recordkeeping or other requirements,
which would arise either from obligations imposed by the statute itself
or as a result of rulemaking or other implementing actions that may be
taken by agencies under the statute.
List of Subjects
12 CFR Part 222
Banks, banking, Holding companies, state member banks.
16 CFR Part 602
Consumer reports, Consumer reporting agencies, Credit, Trade
practices.
Federal Reserve System
12 CFR Chapter II
Authority and Issuance
0
For the reasons set forth in the preamble, the Board amends 12 CFR part
222 as follows:
PART 222--FAIR CREDIT REPORTING (REGULATION V)
0
1. The authority citation for 12 CFR part 222 continues to read as
follows:
Authority: 15 U.S.C. 1681a; Sec. 3, Pub. L. 108-159; 117 Stat.
1953.
0
2. In Sec. 222.1, paragraphs (c)(2) and (c)(3) are added to read as
follows:
Subpart A--General Provisions
Sec. 222.1 Purpose, scope, and effective dates.
* * * * *
(c) Effective dates. * * *
(2) Provisions effective March 31, 2004.
(i) Section 111, concerning the definitions;
(ii) Section 156, concerning the statute of limitations;
(iii) Sections 312(d), (e), and (f), concerning the furnisher
liability exception, liability and enforcement, and rule of
construction, respectively;
(iv) Section 313(a), concerning action regarding complaints;
(v) Section 611, concerning communications for certain employee
investigations; and
(vi) Section 811, concerning clerical amendments.
(3) Provisions effective December 1, 2004.
(i) Section 112, concerning fraud alerts and active duty alerts;
(ii) Section 114, concerning procedures for the identification of
possible instances of identity theft;
(iii) Section 115, concerning truncation of the social security
number in a consumer report;
(iv) Section 151(a)(1), concerning the summary of rights of
identity theft victims;
(v) Section 152, concerning blocking of information resulting from
identity theft;
(vi) Section 153, concerning the coordination of identity theft
complaint investigations;
(vii) Section 154, concerning the prevention of repollution of
consumer reports;
(viii) Section 155, concerning notice by debt collectors with
respect to fraudulent information;
(ix) Section 211(c), concerning a summary of rights of consumers;
(x) Section 212(a)-(d), concerning the disclosure of credit scores;
(xi) Section 213(c), concerning enhanced disclosure of the means
available to opt out of prescreened lists;
(xii) Section 217(a), concerning the duty to provide notice to a
consumer;
(xiii) Section 311(a), concerning the risk-based pricing notice;
(xiv) Section 312(a)-(c), concerning procedures to enhance the
accuracy and integrity of information furnished to consumer reporting
agencies;
(xv) Section 314, concerning improved disclosure of the results of
reinvestigation;
(xvi) Section 315, concerning reconciling addresses;
(xvii) Section 316, concerning notice of dispute through reseller;
and
(xviii) Section 317, concerning the duty to conduct a reasonable
reinvestigation.
Federal Trade Commission
16 CFR Chapter 1
Authority and Issuance
0
For the reasons set forth in the preamble, the FTC amends 16 CFR part
602 as follows:
PART 602--FAIR CREDIT REPORTING
0
1. The authority citation for 16 CFR part 602 continues to read as
follows:
Authority: 15 U.S.C. 1681a; Sec. 3, Pub. L. 108-159; 117 Stat.
1953.
0
2. In Sec. 602.1, paragraphs (c)(2) and (c)(3) are added to read as
follows:
Subpart A--General Provisions
Sec. 602.1 Purpose, scope, and effective dates.
* * * * *
(c) Effective dates. * * *
(2) Provisions effective March 31, 2004.
(i) Section 111, concerning the definitions;
(ii) Section 156, concerning the statute of limitations;
(iii) Sections 312(d), (e), and (f), concerning the furnisher
liability exception, liability and enforcement, and rule of
construction, respectively;
(iv) Section 313(a), concerning action regarding complaints;
(v) Section 611, concerning communications for certain employee
investigations; and
(vi) Section 811, concerning clerical amendments.
(3) Provisions effective December 1, 2004.
(i) Section 112, concerning fraud alerts and active duty alerts;
(ii) Section 114, concerning procedures for the identification of
possible instances of identity theft;
[[Page 6531]]
(iii) Section 115, concerning truncation of the social security
number in a consumer report;
(iv) Section 151(a)(1), concerning the summary of rights of
identity theft victims;
(v) Section 152, concerning blocking of information resulting from
identity theft;
(vi) Section 153, concerning the coordination of identity theft
complaint investigations;
(vii) Section 154, concerning the prevention of repollution of
consumer reports;
(viii) Section 155, concerning notice by debt collectors with
respect to fraudulent information;
(ix) Section 211(c), concerning a summary of rights of consumers;
(x) Section 212(a)-(d), concerning the disclosure of credit scores;
(xi) Section 213(c), concerning enhanced disclosure of the means
available to opt out of prescreened lists;
(xii) Section 217(a), concerning the duty to provide notice to a
consumer;
(xiii) Section 311(a), concerning the risk-based pricing notice;
(xiv) Section 312(a)-(c), concerning procedures to enhance the
accuracy and integrity of information furnished to consumer reporting
agencies;
(xv) Section 314, concerning improved disclosure of the results of
reinvestigation;
(xvi) Section 315, concerning reconciling addresses;
(xvii) Section 316, concerning notice of dispute through reseller;
and
(xviii) Section 317, concerning the duty to conduct a reasonable
reinvestigation.
By order of the Board of Governors of the Federal Reserve
System, February 5, 2004.
Jennifer J. Johnson,
Secretary of the Board.
Dated: February 5, 2004.
By Direction of the Commission.
Donald S. Clark,
Secretary.
[FR Doc. 04-2913 Filed 2-10-04; 8:45 am]